Wall Street gave back all their early trading gains today--and then some--as news of the death of Al Qaeda leader Osama Bin Laden apparently only had a short-term positive effect on the stock market. Though Bin Laden is now dead, experts still believe that Al Qaeda is an ongoing concern. Economists do not believe that the death of Bin Laden will have significant impact Oil prices also dipped in early morning trading, but have since recovered losses. Crude delivery for June is now trading above $114 per barrel. U.S. Treasuries have seesawed as well. New economic data showed that construction spending recovered last month but the pace of U.S. manufacturing growth has slowed for a second consecutive month in April. Gold prices are also up, trading at around $1560 per ounce.
Major U.S. Indices
DJIA: 12,829.01 (+0.14 percent)
S&P 500: 1,364.69 (+0.08 percent)
Nasdaq: 2,872.94 (-0.02 percent)
Russell 2000: 858.54 (-0.78 percent)
In other news:
- More on the killing of Osama Bin Laden and the impact of his death. [Economist]
- How to trade Osama Bin Laden. [The Street]
- Can we get a slow clap for Chrysler? [WSJ]
- Teva Pharmaceuticals (NASDAQ: TEVA), the world's largest generic drugmaker, is buying biopharmaceutical company Cephalon (NASDAQ: CEPH) for $6.8 billion, or $81.50 a share. That represents a 39 percent premium on the share price before the news. [NY Times]
- World Wrestling Entertainment (NYSE: WWE) shares got hammered after the company announced the highly expected dividend cut on Friday. Shares are recovering in Monday trading though. [AP]
Check back for more news.
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