Energy stocks show muscle
The S&P/TSX composite index gained 45.84 points to break for lunch at 14,884.74
The Canadian dollar grew
Shares of energy producers climbed as Suncor Energy was up 0.7% at
The materials sector, which includes mining stocks, gained as Barrick Gold added 0.6% to
In corporate news, Ritchie Bros Auctioneers jumped 6%, to
On matters economic, Canadian housing starts picked up more than expected in May and the number for April was revised higher.
A report from the
All but three of the 14 Toronto subgroups were higher, with utilities, energy and industrial stocks each gaining 0.6%.
The three laggards were health-care, listing lower by 0.5%, gold, off 0.2%, and metals and mining weaker by 0.04%.
The announcement of deals and bidding wars gave investors lots to digest and trade on this morning.
The Dow gained 34.47 points, to greet noon at 16,958.75, another all-time high.
The S&P 500 added 4.58 points to 1,954.02 – also a new peak for that index -- and the NASDAQ composite index took on 24.18 points, to 4,345.58
If the S&P 500 ends higher on Monday, that will mark its 11th rise of the past 13 sessions, and its seventh record close of the past eight trading days. While
Merck announced earlier this morning that it was going to acquire Idenix Pharmaceuticals, a Hepatitis C drug producer, for
In other merger news, Tyson Foods announced its plans to acquire Hillshire Brands for
Tyson stock is down nearly 5%, Hillshire stock is up about 5%, and Pilgrim's Pride is trading 6% lower.
Hedge fund manager
Family Dollar shares are up 14% this morning. Rival retailer Dollar General is up 11% as investors consider whether Icahn may push for the two companies to merge. Shares of Dollar Tree are also 2% higher.
Apple's seven-for-one stock split goes into effect today. The tech giant is issuing more shares to existing investors in order to bring down the price of the stock and bring in more retail investors. Apple stock closed at about
Time Inc, the magazine publisher of Time, Fortune, Sports Illustrated and other titles, began its first day of trading after being spun off of TimeWarner. Shares are down more than 5% so far.
After a surge in late trading on Friday, K-Cup coffee company Keurig Green Mountain is trading more than 6% lower.
Prices for 10-year U.S. Treasuries dropped, raising yields to 2.61% from Friday's 2.60%. Treasury prices and yields move in opposite directions
Oil prices up
Gold prices gained
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