Stocks finished mixed, but little changed, as the markets were again quiet as has been the recent trend.
First, the scoreboard:
Dow: 16,945.92, 2.5, 0.02%
S&P 500: 1,950.79, -0.48, -0.02%
Nasdaq: 4,338.00, 1.8, 0.04%
The top stories of the day:
- RadioShack reported losses that were much wider than expected, while sales also missed expectations. RadioShack fell about 10% during today’s trade. Over the last decade, shares of the electronic retailer have now fallen more than 90%.
- The NFIB’s small business confidence index came in at 96.6 for May, the best reading since 2007. NFIB chief economist Bill Dunkelberg noted that the reading’s four components that track most Ian Shepherdson at Pantheon Macroeconomics says the report was a major shift, calling it the clean break to the upside small businesses have been waiting four years for.
- The Bureau of Labour Statistics’ JOLTS report showed there were 4,455,000 job openings at the end of April, topping expectations for 4,050,000. BI notes that Federal Reserve chair Janet Yellen has said the JOLTS report is one of her favourite economic indicators, and this latest report should serve as more evidence that the labour market is improving.
- Iraq today declared a state of emergency, and oil markets might be mispricing a major potential disruption to the oil supply.
- Botox-maker Allergan rejected the latest buyout offer from rival Valeant Pharmaceuticals and activist investor Bill Ackman. In a letter to Valeant, Allergan CEO David Pyott said, “We do not believe your latest proposal offers sufficient or certain value warrant discussions between Allergan and Valeant.