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Overnight Markets: Wall Street ends unchanged after six-day rally

by Himanshu Singh on Jun 24, 2014 at 04:16

Overnight Markets: Wall Street ends unchanged after six-day rally

Wall Street closed unchanged on Monday, with the Standard & Poor’s 500 Index snapping a six-day rally, as General Electric Co. led industrial shares decline to offset gains among energy producers.

The Dow Jones industrial average was down 10 points or 0.06%, to 16,937, the S&P 500 closed flat at 1,963 and the Nasdaq Composite added one point to end at 4,369.

While Wall Street's uptrend is still viewed as intact, investors are looking for catalysts to deliver more robust gains, and recent economic data has been mixed.

US May existing home sales increased at more than twice the rate of growth expected, while a preliminary read on June manufacturing hit its highest since May 2010. Other surveys of manufacturers gave positive signals for the global economic outlook, but dark clouds remained over Europe.

Energy shares gained the most, with Wisconsin Energy (WEC.N) agreeing to acquire Integrys Energy Group Inc (TEG.N) in a deal valued at $9.1 billion. Integrys was the S&P 500's biggest percentage gainer, up 12.1%, while Wisconsin fell 3.5%.

Oracle Corp (ORCL.N) agreed to buy Micros Systems (MCRS.O) in a $5.3 billion deal. Micros rose 3.4% while Oracle rose 0.7%.

Micron Technology Inc (MU.O) was little changed in heavy after-hours trading after reporting third-quarter results.

Industrial shares declined as General Electric Co (GE.N) fell 1.1% while Boeing Co (BA.N) was off 0.9%.

ParkerVision Inc (PRKR.O) plummeted 63% after a federal judge overturned a jury verdict that ordered Qualcomm Inc (QCOM.O) to pay $173 million for infringing patents.

In Asia, shares oscillated between gains and losses on Tuesday as information technology shares led gains and regional energy explorers fell as Iraqi army victories damped concern the nation’s oil supplies will be disrupted.

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