Stocks mixed on Wall Street
NEW YORK (AP) — Stocks were mixed early Monday at the start of first full week of trading of the year. This week investors will get a chance to see the final monthly jobs report of 2013 and minutes from the Federal Reserve’s December policy meeting.
The Standard & Poor’s 500 was flat at 1,831 in early trading. The Dow Jones industrial average fell one point to 16,468. The Nasdaq composite fell 10 points to 4,121.
The stock market got off to a sluggish start for 2014. The S&P 500 fell for the first two days of the year since 2005. Falling oil prices weighed on energy stocks.
Men’s Wearhouse is going hostile in its takeover bid for Jos. A. Bank Clothiers. A $1.61 billion bid announced early Monday comes four months after Jos. A. Bank made its own takeover bid for its larger rival. Men’s Wearhouse rejected the offer and bid for Jos. A. Bank. After failing to reach a deal, Men’s Wearhouse is going directly to Jos. A. Bank shareholders. Jos. A. Bank rose $2, or 3.7 percent, to $56.41. Men’s Wearhouse climbed 58 cents, or 1.1 percent, to $51.19.
Sirius XM rose 27 cents, or 7.6 percent, to $3.84 after Liberty Media said late Friday that it wants to take full ownership of the satellite radio company in a deal that would value it at nearly $23 billion.
The yield on the 10-year Treasury note fell to 2.98 percent from 3 percent on Friday. The price of oil rose 14 cents, or 0.2 percent, to $94.09. Gold was little changed from Friday at $1,239.10 an ounce.
World markets were mixed Monday. In Europe, Britain’s FTSE 100 was unchanged at 6,742 while Germany’s DAX rose 0.1 percent to 9,448. France’s CAC-40 was almost flat at 4,242. Tokyo’s Nikkei shed 2.3 percent to 15,909 and Hong Kong’s Hang Seng fell 0.6 percent to 22,684.
The minutes from the Federal Open Market Committee will be released on Wednesday. They will offer insight into the Fed’s thinking after it began winding down its monthly $85 billion bond-buying program. The highlight of the week will likely be Friday when the Labor Department releases its jobs report for December. That’s going to influence the Fed’s decision as to the pace at which it reduces its bond purchases in coming months.