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US stock indexes are edging lower in early trading US stock indexes are edging lower in midday trading
(about 1 hour later)
NEW YORK — Stock indexes were edging lower in early trading Monday as investors worked through several company announcements. Global markets were modestly higher. NEW YORK — Stock indexes are mostly lower in midday trading and several companies are moving on deals and other news.
KEEPING SCORE: The Dow Jones industrial average slipped 48 points, or 0.3 percent, to 17,748 as of 10:55 a.m. Eastern. The Standard & Poor’s 500 index was down five points, or 0.3 percent, to 2,066 and the Nasdaq composite edged down 16 points, or 0.4 percent, to 4,896. Virgin America jumped 40 percent Monday after agreeing to be acquired by Alaska Air. Alaska Air sank 5 percent.
FIRST CLASS: Virgin America jumped $15.70, or 40 percent, to $54.61 after the company agreed to be bought by Alaska Air Group. Shares of Alaska Air fell $4.00, or 5 percent, to $77.96. JetBlue, which had bid for Virgin as well, fell 40 cents, or 2 percent, to $20.87. Edwards Lifesciences jumped 18 percent after the company’s new replacement heart valve met its goals in a clinical trial.
IT’S ELECTRIC: Tesla Motors rose $9.88, or 4 percent, to $247.37 after the company announced it had received 276,000 preorders for its highly anticipated Model 3, which is to be unveiled on Thursday. The Dow Jones industrial average edged down 25 points, or 0.2 percent, to 17,761 as of 11:45 a.m. Eastern time.
OVERSEAS: European stocks were modestly higher. Germany’s DAX gained 0.2 percent, France’s CAC-40 rose 0.5 percent and the U.K.’s FTSE 100 edged up 0.4 percent. The Standard & Poor’s 500 index gave up four points, or 0.2 percent, to 2,068. The Nasdaq composite moved down 15 points, or 0.3 percent, to 4,899.
OIL: Oil prices seesawed as investors digested reports that Saudi Arabia would freeze its production only if Iran and other producers agreed to do the same. Benchmark U.S. crude fell 8 cents $36.71 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 23 cents to $38.44 a barrel in London. Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 1.77 percent.
U.S. JOBS: The U.S. government said Friday that job growth continued at a strong clip in March, slightly stronger than investors expected and showing employers were confident enough to add staff despite the slowing economy. Employers added 215,000 jobs last month, a solid figure but not enough to keep up with the new job-seekers. More people also looked for work and wages edged higher.
BONDS, CURRENCIES: Bond prices fell slightly. The yield on the 10-year Treasury note rose to 1.78 percent. The euro rose to $1.14 from $1.1392 while the dollar fell to 111.41 yen from 111.73 yen.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.