S&P 500 Closes at Record Amid Deal Activity, Corporate Earnings

The S&P 500 Index closed at a record for the fifth time in six days, as technology shares rallied amid deal activity while corporate earnings spurred optimism that results this season will be sturdy enough to help sustain equities at record levels.

SoftBank Group Corp.’s agreement to buy ARM Holdings Plc for $ 32 billion spurred gains in semiconductor shares, while tech heavyweights Apple Inc. and Alphabet Inc. rose at least 1.1 percent. Bank of America Corp. advanced 3.4 percent after posting higher profit in each of its four main businesses. Hasbro Inc. dropped 6.6 percent as sales in its boy-oriented toys disappointed, and energy producers retreated with crude oil. The Dow Jones Industrial Average closed at a record for a fifth straight session.

The S&P 500 Index added 0.2 percent to 2,166.83 at 4 p.m. in New York amid light trading, following three consecutive weekly gains.

Equity futures extended a drop on Friday after news that factions of Turkey’s army tried to overthrow the government of President Recep Tayyip Erdogan, but rebounded after the premier’s supporters put an end to the coup by Saturday.

Source: Bloomberg

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U.S. Stocks Slip Amid Drag From Pfizer Deal, Technology Shares

U.S. stocks slipped following the Standard & Poor’s 500 Index’s best weekly rally this year, as gains in consumer companies were overshadowed by a retreat in Allergan Plc and Pfizer Inc. amid their record $ 160 billion merger deal.

Allergan and Pfizer slipped more than 2.6 percent. Electronic Arts Inc. fell 4.8 percent as GameStop Inc. said sales of the video-game maker’s Star Wars: Battlefront were weaker than expected. Tyson Foods Inc. gained 10 percent after boosting its dividend and its profit outlook was better than some analysts expected. Kellogg Co. rallied the most in almost a year after an analyst upgrade.

The S&P 500 fell 0.1 percent to 2,086.59 at 4 p.m. in New York, after rising 3.3 percent last week, the most since December. The Dow Jones Industrial Average lost 31.13 points, or 0.2 percent, to 17,792.68. The Nasdaq Composite Index declined 0.1 percent. The Russell 2000 Index increased 0.4 percent, bolstered by gains in health-care and consumer discretionary shares. About 6.2 billion shares traded hands on U.S. exchanges 17 percent below the three-month average.

Source: Bloomberg

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