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Stocks edge higher, continuing momentum from last week

US stocks open slightly higher, building on a big gain from last week; Pfizer, Allergan slip

Stocks edge higher, continuing momentum from last week

NEW YORK (AP) -- Stocks are inching higher Monday morning after the market completed its biggest weekly gain of the year. Pfizer and Allergan slipped after announcing a deal to combine and create the largest drug company in the world.

KEEPING SCORE: The Dow Jones industrial average rose 38 points, or 0.2 percent, to 17,865 as of 10:20 a.m. Eastern time. The Standard & Poor's 500 index picked up six points, or 0.3 percent, to 2,095. The Nasdaq composite added 21 points, or 0.4 percent, to 5,125.

BIG DEAL: Pfizer, the maker of Viagra and Lipitor, plans to buy the Botox maker Allergan for about $155 billion, mostly in stock. The New York-based company will relocate to Ireland as part of the deal, reducing its tax bill. The companies said last month that they were discussing a combination.

Pfizer shares slipped 81 cents, or 2.5 percent, to $31.37 and Allergan stock fell $9.19, or 2.9 percent, to $303.27.

GAMESTOP DROPS: Video game retailer GameStop reported a smaller quarterly profit and less revenue than analysts had forecast. The company said sales of new games and game systems weren't as good as it expect, and said the openings of some stores were delayed.

Investors have been worrying that the holiday shopping season could be weak this year. GameStop tumbled $5.27, or 13.4 percent, to $33.99.

EARNINGS: British drugmaker Mallinckrodt and food producer Tyson both climbed following solid quarterly reports. Mallinckrodt gained $4, or 6.6 percent, to $65 and Tyson stock climbed $3.07, or 7 percent, to $46.72.

EUROPE STOCKS: In Europe, France's CAC-40 shed 0.6 percent after a survey showed economic activity had dropped in the wake of the Paris attacks. Germany's DAX declined 0.2 percent while Britain's FTSE 100 fell 0.4 percent.

ENERGY: Benchmark U.S. crude rose 13 cents, or 0.6 percent, to $42.01 a barrel in New York. Brent crude, which is used to price international oils, rose 20 cents, or 0.4 percent, to $44.86 a barrel in London.

BONDS, CURRENCIES: U.S. government bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.27 percent. The dollar held steady at 122.84 yen. The euro declined to $1.0647 from $1.0657 Friday.

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Marley Jay can be reached at http://twitter.com/MarleyJayAP. His work can be found at http://bigstory.ap.org/journalist/marley-jay.


Updated : 2021-09-29 09:37 GMT+08:00