Monday was a flat day for the markets. The Dow Jones Industrial Average was lower by 22.68 points (-0.16%), Standard & Poor's 500 index lost 5.01 points (-0.32%), and the Nasdaq finished gained 7.05 (+.25%). Volume was light at the NYSE at 850.5 million shares, and decliners beat advancer by a ratio of about 2:1.
With Monday being a bank holiday, there was no economic news released and the bond market was closed. There was some merger news in Europe as German database company SAP (-5.6%) announced it would purchase French software firm Business Objects (+14.8%) (full story). In more M&A news, United Industrial (+6.3%) was up after Textron (-2.1%) agreed to acquire it (full story). Merrill Lynch (-3.5%) stumbled after getting downgraded by JPMorgan because of Merrill's $5.5 billion write-down announced on Friday (full story).
Tech (+0.7%) was the only sector to have a positive finish, while energies (-0.8%) fell the most. Crude oil slipped $2.28 to $78.94/barrel.
Tomorrow, earnings season begins with Alcoa. The FOMC minutes (2:00 PM) will also be release and might move the market.
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