US Stocks Mixed As Samsung Announces $8 Bn Harman Deal

NEW YORK, , (UrduPoint / Pakistan Point News - 14th Nov, 2016 ) - US stocks opened in mixed territory on Monday, with the tech-heavy Nasdaq and S&P 500 largely flat but the Dow adding to gains from last week's post-election rally.

About ten minutes into trading, the blue-chip Dow Jones Industrial Average was up 0.3 percent at 18,904.23. The broader S&P 500 was up less than 0.1 percent 2,164.76 and the Nasdaq was flat at 5,234.94.

Embattled South Korean electronics giant samsung announced Monday it would buy the US car audio equipment maker Harman International Industries for $8 billion in cash, nearly 30 percent above the Stamford company's closing price on Friday $87.

65.

Harman shares jumped 26 percent to $110.01, close to Samsung's offer price. Oil stocks were mostly lower, with Exxon Mobil, Chevron and ConocoPhillips all down between 0.1 and 0.2 percent, with the noted exception of Marathon Petroleum, which rose 0.6 percent ahead of a dividend payment to shareholders.

Drugmakers were in positive territory, with Pfizer up 0.5 percent, Eli Lilly and Co up 0.3 percent and Johnson & Johnson up 0.1 percent.