Investing.com – U.S. stocks were lower after the open on Monday, despite increased merger-and-acquisition activity, as markets retreated after posting four consecutive weeks of gains.
During early U.S. trade, the Dow Jones Industrial Average was down 0.04%; the S&P 500 index shed 0.07%, while the Nasdaq Composite index declined 0.19%.
On the merger-and-acquisition front, stocks in Southwest Airlines jumped 4.40% after it agreed to acquire AirTran Holdings for approximately USD 1.4 billion.
Following the news, shares in AirTran soared 59.01%, while rival airline companies JetBlue Airways gained 6.06%, US Airways Group rose 4.12%, while Delta Airlines tumbled 2.99%.
Elsewhere, shares of retailing giant Wal-Mart Stores shed 0.43%, after it made a preliminary, nonbinding proposal to buy Johannesburg-based Massmart Holdings for USD 4.6 billion.
Meanwhile, M&T Bank stocks plunged 5.21%, after the company’s discussions with Banco Santander about a merger had ended. U.S. listed shares of the Spanish lenders fell 1.86% following the report.
Rival financial sector stocks also posted losses, with shares in JP Morgan Chase shedding 0.71%, Bank of America falling 0.74% and Morgan Stanley dropping 0.08%.
Across the Atlantic, European stock markets were down: France’s CAC 40 shed 0.13%; Germany's DAX declined 0.10%; Britain's FTSE 100 fell 0.24%; and the EURO STOXX 50 was down 0.35%.
Earlier in the day, Moody's Investor Service's said that it had downgraded the unguaranteed senior debt of Anglo Irish bank by three notches and was keeping the bank under review for a further possible downgrade.
During early U.S. trade, the Dow Jones Industrial Average was down 0.04%; the S&P 500 index shed 0.07%, while the Nasdaq Composite index declined 0.19%.
On the merger-and-acquisition front, stocks in Southwest Airlines jumped 4.40% after it agreed to acquire AirTran Holdings for approximately USD 1.4 billion.
Following the news, shares in AirTran soared 59.01%, while rival airline companies JetBlue Airways gained 6.06%, US Airways Group rose 4.12%, while Delta Airlines tumbled 2.99%.
Elsewhere, shares of retailing giant Wal-Mart Stores shed 0.43%, after it made a preliminary, nonbinding proposal to buy Johannesburg-based Massmart Holdings for USD 4.6 billion.
Meanwhile, M&T Bank stocks plunged 5.21%, after the company’s discussions with Banco Santander about a merger had ended. U.S. listed shares of the Spanish lenders fell 1.86% following the report.
Rival financial sector stocks also posted losses, with shares in JP Morgan Chase shedding 0.71%, Bank of America falling 0.74% and Morgan Stanley dropping 0.08%.
Across the Atlantic, European stock markets were down: France’s CAC 40 shed 0.13%; Germany's DAX declined 0.10%; Britain's FTSE 100 fell 0.24%; and the EURO STOXX 50 was down 0.35%.
Earlier in the day, Moody's Investor Service's said that it had downgraded the unguaranteed senior debt of Anglo Irish bank by three notches and was keeping the bank under review for a further possible downgrade.