Market Loses Steam in Late Trading, Finishes Lower
The U.S. equity market ran out of steam in late trading, with the S&P 500 and the Nasdaq ending the day in red. The Dow Jones ended the day 0.08% higher at 11,201.97, the S&P 500 ended the day 0.12% lower at 1,197.75 and the Nasdaq ended the day 0.17% lower at 2,513.82.
Lowe’s Companies Inc. (NYSE: LOW) today reported its third-quarter financial results. The company posted a 17% increase in its third-quarter profit. Shares of Lowe’s ended the day 1.06% lower at $21.46.
EMC Corporation (NYSE: EMC) today announced that will acquire data-storage company Isilon Systems Inc. (NASDAQ: ISLN) for $2.25 billion.EMC will pay $33.85 per share to acquire Isilon. Shares of EMC Corporation ended the day 1.24% lower at $21.45, while shares of Isilon ended the day 28.49% higher at $33.78.
Caterpillar Inc. (NYSE: CAT), today, announced that it will acquire Bucyrus International Inc. (NASDAQ: BUCY) for $7.6 billion. Caterpillar Inc. will pay $92 per share to acquire Bucyrus International Inc. Shares of Caterpillar ended the day 0.96% higher at $81.82, while shares of Bucyrus ended the day 28.99% higher at $89.90.
The Commerce Department today reported stronger-than-expected retail sales for the month of October. According to figures released by the Commerce Department, October retail sales rose 1.2%, beating expectations of an increase of 0.7%.
The Commerce Department also reported that U.S. business inventories rose in the month of September. According to figures released by the Commerce Department, inventories climbed 0.9% to $1.40 trillion.
