The New York equities markets were up at midday on Friday and looked ready to close the week out with gains as well. The Dow Jones Industrial Average was 0.4 percent higher to 12,466.99, a gain of 1.3 percent on the week. Earlier in the session, the Dow was as high as 12,486.30, a new high. The Nasdaq Composite had added 0.5 percent so far on the day, to 2,466.12, a gain of 1.2 percent on the week. Meanwhile, the S&P 500 was up 0.3 percent to 1,430.11, 1.4 percent higher this week.

Airlines saw gains during the week. United Air Lines and Continental Airlines both gained share value on the news that United is talking to Continental about a merger. United added 4.8 percent to $45, while Continental gained 7.1 percent to $44.96. Meanwhile, Midwest Airlines was 27.8 percent higher to $11.82 after rejecting an offer from AirTran Holdings.

In the semiconductors sector, Advanced Micro Devices added 6.7 percent to $22.34 after it said that it expected demand to rise by 10 percent next year.

Microsoft added 2.4 percent to $30.12, the first time its share price rose above $30.12 since November 2004. Elsewhere in the software sector, Adobe added 10.3 percent during the week to $42.89 on a fourth-quarter report that was better than had been expected.

Losers included Best Buy, which dropped 4.8 percent to $50.60 on a downgrade from Prudential Securities.

Some securities brokers also saw declines. Lehman Brothers dropped 1.4 percent to $75.98 and Goldman Sachs fell 1.8 percent to $201.32. The sector was mixed, however, with Bear Stearns adding 2.6 percent to $1.63.

The New York equities markets were higher at noon on Thursday as the Dow Jones Industrial Average hit a new record high at one point in morning trade. The Dow dropped back a bit but was still 0.5 percent higher to 12,394.25 at midday. Meanwhile, the Nasdaq Composite was up 1 percent to 2,456.69 and the S&P 500 had gained 0.6 percent to 1,422.32. The gains came as Citigroup set new targets for the Dow and the S&P at 14,000 and 1,600 respectively for 2007.

The securities sector was higher on good earnings news. Lehman Brothers said that its earnings were at $1.72 per share, higher than the expected $1.68 per share. The announcement sent the broker’s shares up 0.2 percent to $76.55. Bear Stearns was 1.7 percent higher to $158.56 on fourth quarter earnings of $4 per share, well above the $3.36 per share that had been expected.

Earnings news also helped Costco. The wholesale retailer said that its earnings were at 51 cents per share in its fiscal first quarter, a penny better than the predicted 50 cents per share. Costco shares gained 2.2 percent to trade at $54.29.

Losers on the day included defense communications systems contractor Argon ST, which dropped 7.4 percent to $19.81 after it said that its fourth quarter profits had fallen by 32 percent.

Prices on US Treasury bonds dropped and yields rose on Thursday after unemployment claims were reported to be down last week and as import prices were up. Prices on imported goods were up 0.2 percent in November, the first rise in three months. Meanwhile, new jobless claims were down by 20,000 in the week ending December 9, a drop that was fivefold higher than had been expected.

At midday in New York, two-year Treasury bonds were 1.3 basis points higher to 4.717 percent, while ten-year issues had added 0.3 basis points to a yield of 4.580.

Yields were also up on Eurozone bonds after two European Central Bank officials made comments that were read to mean that more interest rate hikes are soon to come. The two-year Schatz added 2.1 basis points to 3.781,while the ten-year Bund gained 2.4 basis pints to yield 3.777 percent.

In the UK, strong retail sales data lent more fuel to the fire of rate hike expectations and sent prices on gilts down for the seventh session in a row. The two-year gilt added 3.5 basis points to yield 5.108 percent, while the ten-year gilt was 6.1 basis points higher to 4.688 percent.

In Japan, meanwhile, ten-year government bonds added 1.5 basis points to a yield of 1.630 percent. Shorter-dated bonds, however, dropped 0.5 basis points, to yield 0.795 percent.

Wall Street was slightly higher at mid-session on Wednesday. The Dow Jones Industrial Average had added 0.1 percent to 12,329.28 but was well down from the new record high of 12,368.61 it reached earlier in the day. Meanwhile, the Nasdaq Composite was up a bare 0.02 percent to 2,432.03 and the S&P 500 had gained 0.2 percent to 1,414.26. The small and mid-cap Russell 2000 index was 0.08 percent higher to 789.01.

Airlines were higher after United Airlines said that it has opened talks with Continental Airlines concerning the possibility of a merger. United was 4.5 percent higher to $45.54, while Continental gained 5.2 percent to $45.11. Elsewhere, the news that AirTran Holdings’ bid for Midwest Air had been rejected sent Midwest 21.26 percent higher to $11. AirTran added 1.5 percent to $12.53.

The retail sector was mixed. Home Depot added 1.3 percent to $39.22 on the news that it has acquired 12 stores in China. Best Buy and Circuit City both declined, however, after Prudential Securities issued a downgrade on both consumer electronics retailers on worries about the low price of flat-screen televisions. Circuit City dropped 1.4 percent to $23.24, while Best Buy was 1.5 percent lower to $50.51.

Anadarko Petroleum fell 3 percent to $46.19 after Goldman Sachs dropped its rating on the oil company from “buy” to “neutral”.

A broker upgrade helped Apple Computer to a 1.9 percent gain to $87.80. Morgan Stanley kept its recommendation for the computer maker at “overweight”, but upped its target share price from $90 to $110 on the theory that revenues could be increased by the introduction of new products.

Wall Street was a bit lower at midday on Tuesday as investors waited to see whether or not the US Federal Reserve would leave interest rates at 5.25 percent as expected. The Dow Jones Industrial Average was 0.1 percent lower to 12,315.9, while the Nasdaq Composite had dropped 0.2 percent to 2,437.31 and the S&P 500 remained steady at 1,412.90 in the middle of the trading day.

The Nasdaq Stock Market added 0.5 percent to $36.47 after it made its hostile takeover bid for the London Stock Exchange official by offering $5.3 billion for the exchange. Nasdaq already owns 28.75 percent of the LSE.

Texas Instruments added 0.4 percent to $29.42 after seeing declines overnight after it cut its earnings and sales projections for the fourth quarter. The gains came after JP Morgan upgraded its recommendation on the chipmaker from “neutral” to “overweight”.

In the steel sector, Nucor dropped 8.1 percent to $59.12 after it used low prices and high inventories as its excuse for issuing a fourth-quarter prediction that was below analyst estimates. The decline affected the sector, with US Steel falling 5.2 percent to $73.20.

Best Buy was 5.1 percent lower to $51.19 after it said that its net income was 31 cents per share, lower than the 35 cents per share expected by analysts.

The US Federal Reserve held interest rates at 5.25 percent on Tuesday, as expected. The statement that accompanied the decision said that economic growth in the United States is expected to moderate, citing a substantial cooling of the housing market, but that some risk of inflation remains.

Before the interest rate announcement came, prices on US Treasury bonds were slightly higher on the news that the US trade deficit had been substantially reduced in October, a possible indication that fourth-quarter economic growth could turn out to be stronger than predicted. At midday in New York, two-year Treasury bond yields were at 4.658 percent, a drop of 1.3 basis points, while ten-year bonds were 0.6 basis points lower to 4.516 percent.

In the UK, gilts prices were lower and yields higher after new data showed that consumer prices in November were up 0.3 percent and that they had risen 2.7 percent so far this year, providing a surprise gain in UK inflation. Two-year gilts added 4 basis points to 5.042 percent, while ten-year gilts were 1.6 basis points higher to 4.612 percent.

Yields on Eurozone bonds were mixed. The ZEW index of German sentiment was at -19 in December, up from November’s reading of -28.5 and better than the predicted -25. The new figures prompted only a small sell-off as investors waited for the US interest rate decision. The two-year Schatz was up 0.3 basis points to 3.740 percent, while the ten-year bund dropped 0.8 basis points to 3.731.

In Japan, a sale of ¥2,000 billion in five-year government bonds was a success, with demand at nearly three times the supply. Five-year yields were down by 2.5 basis points to 1.215 percent, while two-year bonds were 2 basis points lower to 0.815 percent.

The New York equities markets were slightly higher at midday on Monday ahead of the next meeting of the US Federal Reserve and a new decision on interest rates. The Dow Jones Industrial Average was up 0.1 percent to 12,319.42, while the Nasdaq Composite had added 0.4 percent to 2,446.61 and the S&P 500 had gained 0.2 percent to 1,412.61.

Miners were lower on the session so far. Phelps Dodge dropped 0.3 percent to $123.25 after hedge fund SAC Capital Advisors LLC said they had purchased a stake and that it would oppose the effort by Freeport McMoran to buy the company. Freeport McMoran dropped 0.4 percent to $61.56 on the announcement.

The pharmaceuticals sector was still plagued by bad news from drug trials. Nuvelo was 80 percent lower to $3.92 after it said that clinical trials of two blood thinners it was developing were unsuccessful.

Citigroup was 1.4 percent higher to $52.58 on the news that it is bidding for Egg, Prudential’s internet banking unit.

In the chemicals sector, DuPont added 1.4 percent to $47.57 after it said it had upped its earnings forecast for the year from $2.86 per share to $3.25 per share. It also said it will cut 1,500 positions from its agriculture division.

Among technology companies, Cisco added 1.3 percent to $27.33, near its highest level in a year.

Wall Street was up at midday on Friday and seemed headed for gains on the week as well. The Dow Jones Industrial Average was 0.3 percent higher on the session so far and up 1 percent on the week to 12,315.34, while the Nasdaq Composite had added 0.6 percent on the session and 1.2 percent for the week to 2,442.48 and the S&P 500 was up 0.3 percent on the day and 1.1 percent on the week to 1,411.46, its highest level since late in 2001.

Ford dropped 11.7 percent on the week to $7.10 on fears that the convertible bonds it sold this week could dilute the value of existing shares some time in the future.

The pharmaceuticals sector was active over the week, with mixed outcomes based largely on the results of drug trials. Pfizer dropped 9.8 percent to $25.13 after it halted development of a cholesterol drug due to harmful side effects. Auxillium Pharmaceuticals fell 13.8 percent to $14.35 after it stopped a clinical trial in its late stages, and Onyx Pharmaceuticals was 29.5 percent lower to $12.34 after a kidney cancer drug proved ineffective in treating advanced skin cancer.

On the other hand, Vanda Pharmaceuticals added 70.6 percent to $25.75 after a new schizophrenia drug proved to be effective in trials. Likewise, Halozyme Therapeutics gained 119 percent to $6.24 on an agreement to do research in tandem with Roche.

The New York equities markets were mixed at midday on Thursday ahead of new employment numbers, due Friday. The Dow Jones Industrial Average was 0.02 percent higher to 12,311.41, but the Nasdaq Composite had fallen 0.3 percent to 2,439.48 and the S&P 500 was down 0.04 percent to 1,412.33.

In the software sector, Oracle dropped another 2.3 percent to $17.47. The software maker was 5.2 percent lower on Wednesday on a “sell” recommendation from Lehman Brothers.

Among automobile manufacturers, Ford fell 1.6 percent to $7.24 on the sale of 30-year convertible bonds that could eventually become equity and dilute shareholder value.

Eli Lilly dropped 1.3 percent to $54.16 on a statement that its shares should earn $3.25 to $3.35 per share in 2007, lower than analysts estimates of $3.39 per share. Elsewhere in the sector, Auxillium Pharmaceuticals fell 7.6 percent to $14.74 as the specialty drug maker halted a late-stage clinical trial.

Among retailers, Home Depot was 1.1 percent lower to $39.47 after it announced that a review of stock option grants showed an unrecorded expense of around $200 million.

In the media sector, News Corp added 4.6 percent to $22.73 on a report that it will trade its stake in DirecTV for News Corp shares held by Liberty Media. Liberty gained 2.6 percent to $90.25.

Wall Street was slightly lower at the middle of the session on Wednesday ahead of November’s employment numbers, due to be released on Friday. The Dow Jones Industrial Average was 0.1 percent lower to 12,318.30, while the Nasdaq Composite fell 0.3 percent to 2,446.23 and the S&P 500 dropped 0.1 percent to 1,413.73. The small-cap Russell 2000 index held steady at 797.09.

The software sector was lower. Oracle dropped 4.6 percent to #$17.99 after Lehman Brothers told its clients to sell because Oracle might not meet expectations for the quarter. Novell was 5.4 percent lower to $5.99 after it reduced its guidance for its fiscal 2007.

A change in management did not help revive Yahoo, which is over 38 percent lower than it was in January. By midday, the internet company was down 1.9 percent to $26.92.

Burlington Northern Santa Fe fell 3.5 percent to $75.88 after Merrill Lynch downgraded the railroad operator from “buy” to “neutral. The broker pointed out that the railroad is nearing its target share price.

In the semiconductor sector, Novellus dropped 3.5 percent to $33.32 on a downgrade from “neutral” to “sell” from Goldman Sachs.

The pharmaceuticals sector was mixed. Merck fell 1.2 percent to $44.35 after it repeated its earnings outlook for this year. But Halozyme Therapeutics, a biotech drug developer, gained 56.5 percent to $4.46 on the announcement of a cooperation agreement with Roche.

Prices were down and yields higher on US Treasury bonds on new data showing that job growth in the private sector was better than expected in November. While reports from ADP Employer Services are not always an accurate gauge of non-farm payrolls, their report of 158,000 new jobs in the private sector, substantially higher than the 110,000 rise in non-farm new jobs expected when the Labor Department reports on Friday caught the attention of investors.

At midday in New York on Wednesday, two-year Treasury bonds were 5 basis points higher to a yield of 4,570 percent, while ten-year issues had added 2.9 basis points to 4.475 percent.

In the UK, gilts were mixed ahead of a new interest rate decision by the Bank of England, due Thursday. Investors didn’t pay as much attention to a report from the UK Treasury that reduced the expected issuance of new gilts in the fiscal year that ends next April by around £500 million. While two-year gilts were 1.3 basis points lower to 4.924 percent, ten-year gilts added 1.3 basis points to a yield of 4.506 percent.

Yields on Eurozone bonds were up ahead of an expected hike in interest rates by the European Central Bank on Thursday. The two-year Schatz was 2.6 basis points higher to 3.663 percent, while the ten-year Bund gained 1.9 basis points to 3.688 percent.

In Japan, the two-year Japanese government bond added 3 basis points to a yield of 0.840 percent, while five year-yields also gained 3 basis points to 1.230 percent. The ten-year JGB held steady at 1.650 percent.

The New York equities markets were higher at midday on Monday, helped out by falling oil prices. The Dow Jones Industrial average was 0.5 percent higher to 12,256.78, while the Nasdaq Composite was up 1.3 percent to 2,444.20 and the S&P 500 had added 0.6 percent to 1,405.15. The small-cap Russell 2000 index was up 1.6 percent to 793.32, just below its all-time high.

In the financial services sector, Bank of New York said it will purchase Mellon Financial for $16.5 billion, all in stock. If the deal is closed, it will create the largest financial assets service company, with control of around $16,000 billion. Bank of New York had added 11.1 percent on the news by the middle of the day to $39.41, while Mellon gained 4.4 percent to $42.27.

Station Casinos added 18.7 percent to $82.02 and was up to $82.28 earlier in the day after it said it has received a bid from a group of investors headed by the chairman and chief executive of the company. The offer was said to be worth $4.7 billion.

IBM was 1.6 percent higher to $92.73 on positive notice from the press over the weekend.

The pharmaceuticals sector saw declines after Pfizer and Onyx Pharmaceuticals each received bad news about drugs in trials. Pfizer fell 11.8 percent to $24.58 after dropping as low as $23.52 on the announcement that it has abandoned development of its Torcetrapib, intended to treat high cholesterol, after patients in trials had a high incidence of deaths and cardiovascular events. Meanwhile, Onyx dropped 28.9 percent to $12.44 on the announcement that Nexavar, a drug for the treatment of kidney cancer, had not helped skin cancer patients in trials.

Yields on US Treasury bonds were up at midday in New York, trying to recover from last week when yields fell to near their lowest point this year. Yields were already so low, some analysts felt, that investors barely paid attention to new data from the National Association of Realtors that showed pending home sales were down 1.7 percent in October. The two-year Treasury bond was 0.8 basis points higher at noon on Monday, to a yield of 4.537 percent, while the ten-year bond had added 0.2 basis points to 4.440 percent.

In Europe, yields were mixed as some investors took profits and anticipated a meeting later in the week by the European Central Bank, when the Bank is expected by many to raise Eurozone interest rates to 3.5 percent. The two-year Schatz saw yields drop by 1.2 basis points to 3.601 percent, but the ten-year Bund added 0.7 basis points to a yield of 3.669 percent.

Yields on UK gilts, meanwhile, were lower ahead of a Bank of England meeting this week, at which the Bank is expected to keep interest rates at 5 percent. The two-year gilt was 2.3 basis points lower to 4.903 percent, while ten-year gilts were yielding 4.467 percent, a decline of 0.5 basis points.

In Japan, the ten-year Japanese government bond yielded 1.615 percent, a gain of 0.5 basis points ahead of an auction of ¥1,900 billion in ten-year bonds.

At midday in New York on Friday the Dow Jones Industrial Average was 0.33 percent lower to 12,181.39, while the Nasdaq Composite dropped 0.76 percent to 2,413.37 and the S&P 500 fell 0.31 percent to 1,396.26. The declines came after the Institute for Supply Management reported that its manufacturing index was at 49.5 percent in November, down from 51.2 in October. Analysts had expected that the index would stay above 50 and actually advance a bit to 51.5.

Despite the declines on the day, all three indices are up so far for the year, with the Dow 13.66 higher, the Nasdaq up 9.43 percent and the S&P 11.85 higher since the beginning of January.

The automobile manufacturing sector was mixed on the day. General Motors added 4 cents to $29.27 on a high number of shares traded after Kirk Kerkorian sold his stake in the carmaker. But Ford fell 12 cents to $8.01 after it said sales in the US had dropped by 9.6 percent in November, while DaimlerChrisler AG was 40 cents lower to $57.88 even though it said sales were up 4.7 last month.

Home Deopt was up $1.27 to $39.24 on rumors that a number of private equity sources might be interested in bidding for the home improvement retailer.

In the construction equipment sector, Caterpillar dropped $1.13 to $60.90.

Among semiconductors manufacturers, Intel fell 45 cents to $20.95.

The New York equities markets were lower in early afternoon trade on Thursday after the Chicago Purchasing Manager’s index showed regional manufacturing in the Midwest was at 49.9 in November, a drop from October’s reading of 53.5. It was the first time since April 2003 that the Chicago index had come in below 50, the level at which manufacturing is said to be contracting rather than expanding. Some analysts were afraid that the new data was an indicator of what the nationwide purchasing managers numbers will say when the Institute for Supply Management releases its new figures on Friday.

The Dow Jones Industrial Average was 0.28 percent lower by early afternoon in New York to 12,193.01, while the Nasdaq Composite had dropped 0.08 percent to 2,430.18 and the S&P 500 was 0.07 percent lower to 1,398.50.

Other factors in the decline were higher oil prices, a weaker dollar, and more new unemployment claims filed last week than had been expected. The good news was that, according to the US Commerce Department, consumer spending was up 0.2 percent in October after having fallen in September. That news was tempered, however, by an announcement from Wal-Mart that it expects its same-store sales to be even to only 1 percent higher in December. That news sent shares in the discount retailer 78 cents lower to $46.11.

Elsewhere in the retail sector, Gap Inc. dropped 2.5 percent to $18.59 on a bigger decline in same-store sales in November than had been expected. Meanwhile, Abercrombie & Fitch fell 3.4 percent to $67.21.

In the pharmaceuticals sector, Pfizer added 49 cents to $27.56 after it said that it has a number of products that would enter the end stages of the development process in the next few years. It also increased its forecast for profits for the full year.

The New York equities markets were higher on Wednesday afternoon, with the Dow Jones Industrial Average up 0.4 percent to 12,190.12. The Nasdaq Composite had gained 0.4 percent as well, to 2,421.54, while the S&P 500 was 0.6 percent higher to 1,394.62. Gains came after the US Commerce Department said that the US economy grew at a 2.2 percent annualized rate in the third quarter, above the 1.6 percent growth rate estimated last month.

There were gains in the telecommunications sector. Verizon added 1.8 percent to $35 after AG Edwards raised its rating from “hold” to “buy”. AT&T gained 3 percent to $33.77 on the announcement that its high-speed internet service will be available at Wal-Mart stores in 13 states. Bell South and Qwest Communications were each 3.4 percent higher, to $44.34 and $7.86 respectively. Bell South said it will introduce a toll-free telephone service for homes, while Goldman Sachs took Qwest off its “least favorite” list.

The oil sector saw gains as crude oil prices advanced. ExxonMobil, Chevron, and ConocoPhillips all were up by 1.6 percent, with ExxonMobil at $75.37, Chevron at $70.96, and ConocoPhillips trading at $65.91.

In the pharmaceuticals sector, Pfizer added 0.2 percent to $27.11 after it said it will lay off 2,000 sales representatives in the US, a job cut of around 20 percent of its sales force in the States.

The New York equities markets were lower at midday on Monday as investors returned from the long Thanksgiving Day weekend. The Dow Jones Industrial Average was 1 percent lower to 12,154.4, while the Nasdaq Composite dropped 1.7 percent to 2,418.55 and the S&P 500 fell 1 percent to 1,386.74.

Retailers saw losses even though the National Retail Federation reported that average spending for the start of the holiday shopping season was up 18.9 percent from last year over the same period. JC Penney dropped 1 percent to $79.91 despite it’s statement Saturday that it was seeing a “good start” in holiday sales. Wal-Mart fell 1.8 percent to $47.06 after it said over the weekend that same-store sales in the US were down 0.1 percent in November, the first time it has seen a decline in that month in ten years. J Crew was 4.4 percent lower to $41.37 on a rating downgrade from CIBC, after gaining 22 percent last week on its profits report.

Stock exchanges were mixed. Nasdaq added 0.7 percent to $40.93 after elaborating on how it plans to raise the money for its bid on the London Stock Exchange. On the other hand, NYSE Group dropped 2.2 percent to $105.84 and the Chicago Mercantile Exchange fell 2.6 percent to $2.55.

The financial services sector was lower as Goldman Sachs declined 2.1 percent to $197.37. Morgan Stanley and Bear Stearns each fell 2.4 percent, to $77.06 and $154.76 respectively.

Automobile maker Ford Motor was 2.7 percent lower to $8.21 on its announced plan to borrow $18 million dollars. It said it would back the loans with collateral.

Internet search engine Google dropped 2.6 percent to $491.98 on profit-taking.

The New York equities markets were mixed at the mid-point in the session on Tuesday, with the Dow Jones Industrial Average and the Nasdaq Composite lower and the S&P 500 up slightly. The Dow was 0.02 percent lower to 12,314.54, while the Nasdaq had dropped 0.1 percent to 2,449.87. Meanwhile, the S&P was 0.08 percent higher to 1,401.57.

Google’s share price rose above $500 for the first time as it added 1.8 percent to $504.13 after going as high as $505.72 earlier in the day. Google has gained 37.6 percent since the beginning of August.

Boeing was up 1.6 percent to $90.54 on the news that Korean Air has placed an order for 25 aircraft. The order was said to be worth $5.5 billion dollars.

Oregon Steel Mills dropped 1.2 percent to $63 after its 8.2 percent gain on Monday after it was announced that Russian company Evraz Group will buy the steel maker. Elsewhere in the sector, share prices were up. Nucor added 2.5 percent to $58.88.

Dell Computer was 1.1 percent higher to $24.92 ahead of its quarterly report, due after trade closes for the day. The report, which was originally supposed to have been released last Thursday, is widely expected to show a drop in earnings per share of almost 40 percent.

Nasdaq dropped 0.9 percent to $37.37 amid speculation that it is thinking about raising its offer for the London Stock Exchange after its most recent bid was rejected on Monday.

Yields were up on government bonds on Tuesday as trade remained light ahead of the four-day Thanksgiving Day weekend in the United States. US Treasury bonds were nearly unchanged by midday in New York, with the two-year bond adding 0.4 basis points to a yield of 4.783 percent, while ten-year issues were even, yielding 4.599 percent.

In the Eurozone, the two-year Schatz was 4.1 basis points higher, yielding 3.699 percent. The ten-year Bund gained 0.5 basis points to 3.718 percent.

Meanwhile, in the UK, a new manufacturing survey from the Confederation of British Industry showed a stronger than expected recovery in the sector. While the numbers were still in negative territory, order books were up to -6 in November after having been at -20 in October. While some analysts maintained that the recovery was not as strong as it seemed, others see the new data as supporting another rise in UK interest rates.

The two-year gilt added 1.1 basis points to yield 4.974 percent late in the London session. The 10-year gilt was up 1.3 basis points to 4.552 percent.

Yields were also up in Japan after an official of the Bank of Japan was quoted as saying that there is still a possibility of an interest rate hike in December. The two-year Japanese government bond was 2 basis points higher to 0.800 percent.

At the mid-point of the trading session on Monday, the New York equities markets were higher, with the Dow Jones Industrial Average up 0.05 percent to 12,348.83. The Nasdaq Composite was 0.3 percent higher to 2,453.64, while the S&P 500 had gained 0.2 percent to 1,403.71.

Consolidation news was in focus. In the mining sector, Freeport-McMoran said it will purchase Phelps Dodge for $25.9 billion in cash and stock. If the deal goes through it will create the largest publicly traded copper company in the world. While Freeport-McMoran dropped 1.2 percent on the news to $56.71, Phelps Dodge added 28.3 percent to $121.87.

Nasdaq offered for the three-quarters of the London Stock Exchange that it doesn’t already own. While the London Stock Exchange rejected the offer on the basis that it “substantially undervalued“ the exchange, Nasdaq’s shares were still 1.6 percent higher to $37.15. Elsewhere in the sector, the New York Mercantile Exchange was up 2.1 percent to $135.75.

In the steel sector, Nucor added 3.4 percent to $59.04. AK Steel was 3.6 percent higher to $15.17, while Steel Dynamics gained 4.4 percent to $62.71 and US Steel was up 6.5 percent to $75.15. All had seen significant gains on Friday as well. Some of the gains came on the news that Evraz Group of Russia said that it will purchase Oregon Steel Mills for $2.3 billion. Oregon Steel Mills was 7.7 percent higher to $63.51.