Stocks Turn Lower on Durable Goods and Syria (AMGN, MSFT)
The markets initially traded higher on Monday before Secretary of State John Kerry made statements regarding the situation in Syria, leading to a drop in numbers across the board. A reported decline in durable goods orders in July and news that the US government would hit the debt limit in mid-October caused Wall Street to falter as well. Monday's losses were mostly minor though as many companies released positive results and optimistic plans for the future including Groupon (GRPN), C.H. Robinson Worldwide (CHRW), and Amgen (AMGN). Amgen plans to buy Onyx Pharmaceuticals (ONXX) for about $10.4 billion.Tyson Foods (TSN) stumbled over 6% after its stock was downgraded by Bank of America. The US dollar was up against most major currencies including the euro while gold futures about 0.2%.
Word on the Street
- US orders for durable goods drop the most in almost a year in July.
- China tries to convince everyone that it's economic growth is stabilizing.
- Anadarko Petroleum (APC) among Monday's top gainers, leads energy sector higher.
- Remarks from Secretary of State John Kerry negatively affect Wall Street on Monday.
- Microsoft (MSFT) still under pressure from shareholders, shares fall.
- Kohl's (KSS) Reports Balanced Earnings and a Cautious Full-Year Outlook.
Published on Aug 26, 2013By InvestorGuide Staff