NYSE volume low on Monday trading
by Brian Turner
At least one analyst called Tuesday’s activity on New York equities markets “boring” as little movement occurred at all and volume was only 1.3 billion shares on the New York Stock Exchange.
What movement there was went mostly lower as crude oil prices remained high and a major steel maker issued a warning on profits.
Steelmaker Nucor warned that second-quarter earnings will only reach the low end of predictions, sending its shares down 4.3 percent to $50.68.
About the only news that stirred any real interest was the announcement that Chinese appliance manufacturer Haier has joined forces with two private equity firms to attempt a $1.3 billion takeover of Maytag. On the news, shares in Maytag gained 5.5 percent to $16.06.
Unocal shares rose 2.2 percent to $64.85 in response to reports that CNOOC, the Chinese energy company is considering a $20 billion takeover bid for the United States’ eighth-largest oil company.
The S&P 500 dropped 0.2 percent to 1,213.62 and the Dow Jones Industrial Average fell fractionally to 10,599.67.
Only the technology-oriented Nasdaq saw an advance as it rose 0.1 percent to 2,091.07.
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