STOCKS FALL FOR 5TH STRAIGHT DAY: Here's what you need to know
(Drew Coffman/Flickr)
Stocks fell on Monday for a fifth straight session. The Dow dropped to its lowest level since early February, and the S&P 500 saw at least a third five-day streak of losses this year.
First, the scoreboard:
Dow: 17,440.59, -127.94, (-0.73%)
S&P 500: 2,067.64, -12.01, (-0.58%)
Nasdaq: 5,039.78, -48.85, (-0.96%)
And now, the top stories on Monday:
Chinese stocks had their worst day in eight years. The Shanghai Composite fell 8.48% on Monday, its worst one-day percentage drop since February 2007. Every sector closed lower, and the index is down 10% from Thursday's close.
Brent crude is in a bear market. In futures trading, the international benchmark of oil prices tumbled more than 2% to close at $53.47 per barrel. A bear market is roughly defined as a 20% drop from highs. On Thursday, West Texas Intermediate crude oil fell into a bear market and reached a fresh four-month low below $47 per barrel on Monday.
In economic data, durable goods orders climbed more than expected in June, boosted by a jump in transportation orders. Headline orders rose 3.4% (3.2% expected, -1.8% prior), and excluding the volatile transportation and defense components, orders rose 0.8% (0.4% expected, 0.4% prior). The data for May was revised lower. "On net, despite June strength, the long-awaited stabilization in capex orders still looks like a hope rather than a reality," wrote UBS' Maury Harris in a note to clients after the data.
The Dallas Fed manufacturing index came in at -4.6, below the estimate for -7. Activity in Texas moderated, and a few survey respondents said there's a seasonal lull. Heavy rainfall in May, and weaker energy prices also took their toll on business activity, according to respondents.
Israel-based Teva Pharmaceuticals is buying Allergan's generic drug unit for $40.5 billion It's the latest in the mega-deal frenzy that's happening in the industry. Teva rallied more than 15%, and Allergan shares gained 6%. Teva abandoned its bid for Mylan, whose shares tanked 15%.
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