News Column

Wall Street closes flat

August 7, 2014

MAJOR US stock indexes yesterday ended little changed, as simmering tensions in Ukraine and Russia and a failed merger between Sprint and T-Mobile offset gains in consumer staples shares.

The Dow Jones industrial average rose 13.87 points, or 0.08 per cent, to 16,443.34. The S&P 500 was up 0.03 point to 1,920.24, and the Nasdaq Composite added 2.22 points, or 0.05 per cent, to 4,355.05.

Walgreen shares fell 14.3 per cent to $59.21 after it said it would not use a full takeover of Alliance Boots to domicile overseas - a move that would shield Walgreen from US taxes.

Twenty-First Century Fox was a winner, its shares up 3.3 per cent to $32.33, a day after the company pulled its $80 billion offer to buy Time Warner, whose own shares slid 12.9 percent to $74.24.

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Source: City A.M. (UK)

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