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Monday, December 15, 2014
Markets Can't Hold Early Gains
U.S. stocks climbed this morning, with energy companies leading Wall Street's bounce back from its worst week in more than two years, amid a round of corporate deals. Then they gave back their winning. Just like gamblers in Vegas, this is not a good sign going into this trading week.
PetSmart gained after agreeing to be purchased for about $8.25 billion by a group led by BC Partners. Emerson Electric rose as it sold a power-transmission unit to Regal-Beloit for $1.4 billion. Equities offered muted reaction to a gauge of home builder sentiment falling a point in December after a large jump last month.
A Federal Reserve report had industrial production rebounding in November, after a Fed measure of manufacturing in the New York region dropped in December.
At the moment, the Dow is off 7 points.
The S&P 500 is down a point.
Nasdaq has lost 15.
The U.S. dollar gained against other global currencies and dollar-denominated commodities including gold and oil fell.
Crude oil futures for January delivery dropped 56 cents, or 0.1 percent, to $57.26 a barrel; gold futures for February delivery shed $12.40, or 1 percent, to $1,210.10 an ounce.
The yield on the 10 year Treasury note used to figure mortgage rates and other consumer loans rose 4 basis points to 2.1219 percent.