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US Stock Indexes Mostly Lower          06/24 13:47

   U.S. stock indexes edged mostly lower in afternoon trading Monday, giving 
back some of the market's solid gains from last week.




   (AP) -- U.S. stock indexes edged mostly lower in afternoon trading Monday, 
giving back some of the market's solid gains from last week.

   Investors eased into trading ahead of a highly anticipated meeting between 
the U.S. and China's leaders later this week. The world's two largest economies 
have been embroiled in a trade war that has taken the market on a volatile 
roller-coaster ride this year and Wall Street is hoping for a deal.

   Health care stocks led the losers as pharmaceutical giant Bristol-Myers 
Squibb and its buyout target Celgene stumbled. Consumer discretionary stocks 
and banks also helped pull the market lower. Ulta Beauty dropped 3.8% and 
Capital One Financial slid 3.3%.

   Energy stocks declined again as crude oil prices moved sideways. The sector 
remains volatile as oil prices fluctuate over concerns about economic growth 
and rising tensions in the Middle East. Concho Resources fell 3.3%.

   Technology companies, consumer goods makers and industrial stocks were among 
the gainers. Western Digital gained 2.2%, Tyson Foods added 2.7% and Deere & 
Co. rose 1.6%.

   The market notched its third straight weekly gain last week and is on track 
for a strong monthly rebound from a steep sell-off in May. The major U.S. stock 
indexes are up more than 7% so far this month and are holding on to gains of 
more than 14% for the year.

   Investors have been reassured by statements from the Federal Reserve this 
month that suggest the central bank is prepared to cut interest rates in 
response to a slowing global economy. Even so, traders remain concerned that 
corporate profits might suffer should the kind of economic slowdown that would 
prompt the Fed to cut rates take hold.

   KEEPING SCORE: The S&P 500 index was down less than 0.1% as of 1:44 p.m. 
Eastern time. The Dow Jones Industrial Average rose 39 points, or 0.2%, to 
26,758. The Nasdaq composite dropped 0.1%. The Russell 2000 index of smaller 
companies slid 0.8%.

   Major indexes in Europe were mostly lower. 

   FOCUSING ON TRADE: Presidents Donald Trump and Xi Jinping plan to meet at 
the Group of 20 summit in Japan, which starts Friday. Wall Street is once again 
hoping that the two sides can find a path to making a deal that will end their 
trade war.

   Uncertainty over the dispute and its potential impact on global economic 
growth sent the broader market on a bumpy ride during the second quarter as the 
tensions escalated. The S&P 500 reached a record high last week and has 
recovered all its losses from May.

   The two sides are in a stalemate after 11 rounds of talks that have failed 
to overcome U.S. concerns over China's acquisition of American technology and 
its massive trade surplus. China denies forcing U.S. companies to hand over 
trade secrets and says the surplus is much smaller than it appears.

   COSTLY TREATMENT: Pharmaceutical company Bristol-Myers Squibb fell 7.3% 
after it said it would divest a blockbuster drug in order to complete its 
buyout of Celgene. Celgene dropped 5.2%.

   The company is trying to gain Federal Trade Commission approval for its $74 
billion buyout of Celgene as it tries to beef up its portfolio of drugs. 
Bristol-Myers said it is willing to divest the psoriasis treatment Otezla as 
part of a push toward regulatory approval.

   HIGH ROLLER: Caesars surged 14.6% after Eldorado Resorts said it will buy 
the casino operator for $17.3 billion in a cash-and-stock deal.

   The deal creates a casino giant with about 60 casinos and resorts in 16 
states under a single name. Caesars has been struggling since emerging from 
bankruptcy in 2017. Billionaire investor Carl Icahn took an enormous stake in 
the company and pushed for big changes. Eldorado fell 10%.

   US Stock Indexes Mostly Lower

   (AP) -- U.S. stock indexes edged mostly lower in afternoon trading Monday, 
giving back some of the market's solid gains from last week.

   Investors eased into trading ahead of a highly anticipated meeting between 
the U.S. and China's leaders later this week. The world's two largest economies 
have been embroiled in a trade war that has taken the market on a volatile 
roller-coaster ride this year and Wall Street is hoping for a deal.

   Health care stocks led the losers as pharmaceutical giant Bristol-Myers 
Squibb and its buyout target Celgene stumbled. Consumer discretionary stocks 
and banks also helped pull the market lower. Ulta Beauty dropped 3.8% and 
Capital One Financial slid 3.3%.

   Energy stocks declined again as crude oil prices moved sideways. The sector 
remains volatile as oil prices fluctuate over concerns about economic growth 
and rising tensions in the Middle East. Concho Resources fell 3.3%.

   Technology companies, consumer goods makers and industrial stocks were among 
the gainers. Western Digital gained 2.2%, Tyson Foods added 2.7% and Deere & 
Co. rose 1.6%.

   The market notched its third straight weekly gain last week and is on track 
for a strong monthly rebound from a steep sell-off in May. The major U.S. stock 
indexes are up more than 7% so far this month and are holding on to gains of 
more than 14% for the year.

   Investors have been reassured by statements from the Federal Reserve this 
month that suggest the central bank is prepared to cut interest rates in 
response to a slowing global economy. Even so, traders remain concerned that 
corporate profits might suffer should the kind of economic slowdown that would 
prompt the Fed to cut rates take hold.

   KEEPING SCORE: The S&P 500 index was down less than 0.1% as of 1:44 p.m. 
Eastern time. The Dow Jones Industrial Average rose 39 points, or 0.2%, to 
26,758. The Nasdaq composite dropped 0.1%. The Russell 2000 index of smaller 
companies slid 0.8%.

   Major indexes in Europe were mostly lower. 

   FOCUSING ON TRADE: Presidents Donald Trump and Xi Jinping plan to meet at 
the Group of 20 summit in Japan, which starts Friday. Wall Street is once again 
hoping that the two sides can find a path to making a deal that will end their 
trade war.

   Uncertainty over the dispute and its potential impact on global economic 
growth sent the broader market on a bumpy ride during the second quarter as the 
tensions escalated. The S&P 500 reached a record high last week and has 
recovered all its losses from May.

   The two sides are in a stalemate after 11 rounds of talks that have failed 
to overcome U.S. concerns over China's acquisition of American technology and 
its massive trade surplus. China denies forcing U.S. companies to hand over 
trade secrets and says the surplus is much smaller than it appears.

   COSTLY TREATMENT: Pharmaceutical company Bristol-Myers Squibb fell 7.3% 
after it said it would divest a blockbuster drug in order to complete its 
buyout of Celgene. Celgene dropped 5.2%.

   The company is trying to gain Federal Trade Commission approval for its $74 
billion buyout of Celgene as it tries to beef up its portfolio of drugs. 
Bristol-Myers said it is willing to divest the psoriasis treatment Otezla as 
part of a push toward regulatory approval.

   HIGH ROLLER: Caesars surged 14.6% after Eldorado Resorts said it will buy 
the casino operator for $17.3 billion in a cash-and-stock deal.

   The deal creates a casino giant with about 60 casinos and resorts in 16 
states under a single name. Caesars has been struggling since emerging from 
bankruptcy in 2017. Billionaire investor Carl Icahn took an enormous stake in 
the company and pushed for big changes. Eldorado fell 10%.


(CZ)

 
 
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