(MENAFN- ProactiveInvestors) U.S. stocks ended mostly higher Monday ending a choppy session which saw stocks move between slight gains and losses as investors weighed encouraging comments from the ECB's president against a surprise recession in Japan in the third quarter.
At the closing bell in New York the Dow Jones Industrial Average climbed 12 points to end at 17647 while the Nasdaq lost 18 points to settle at 4671 and the S&P 500 edged up 1 point to finish at 2041 a new closing record.
A sales tax increase pushed Japan's economy into a recession in the third quarter with the country's real GDP contracting 1.6% on an annualized basis. The median forecast was for a 2.25% expansion. This brought down US stock futures in the morning.
But comments from European Central Bank president Mario Draghi who said that the ECB would be open to buying government bonds if needed provided somewhat of a lift.
Kicking of the busy US economic calendar this week the government began with the Empire State Survey this morning which rebounded to 10.2 in November roughly in line with expectations. Later in the morning investors got a read of the Fed's industrial production figures for October which dipped 0.1% on comedowns in mining and utilities after jumping 0.8% in September. Analysts projected a 0.2% gain.
In corporate activity () was one of the handful of companies that reported quarterly results before the bell with shares reversing earlier losses to end up 5.8%. The prepared food company reported fiscal fourth quarter sales below estimates. () is reporting results after the closing bell today.
In other stock news Halliburton () agreed today to buy rival oilfield services provider () in a cash and stock deal worth some $34.6 billion. Shares of Baker jumped 9% today.
() agreed to a $66 billion offer from Actavis (NYSE:ACT). Valeant Pharmaceuticals (NYSE:VRX) which had teamed up with activist investor Bill Ackman to try and acquire walked away saying it would not top Actavis's offer.
() is working on a new website called " at Work" to compete in the corporate world with () () and ().
() edged down after the drug maker lowered its 2014 profit outlook following an agreement to collaborate with Germany's Merck to develop new cancer treatments. The company is now expecting full year earnings per share of $1.40 to $1.49 down from its previous guidance of $1.50 to $1.59.
European markets finished higher today with shares in Germany leading the region after Draghi's comments. Asian markets all settled lower led by a 2.96% loss for Japan's Nikkei.
WTI for December delivery fell 18 cents to finish at $75.64 a barrel on the New York Mercantile Exchange. Gold for December delivery skidded 0.2% to finish at $1183.50 an ounce.
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