NEW YORK (
TheStreet) -- Stocks finished near the flat line in a choppy trading session on Monday with Wall Street balancing a fresh round of M&A against another downgrade of Greece's credit rating.
The major U.S. equity indices are down for six consecutive weeks, the longest losing streak since late 2002, and week seven is off to a mixed start. The
Dow Jones Industrial Average inched up 3 points, or 0.02%, to close at at 11,955. The
S&P 500 settled up 1 point, or 0.10%, at 1272, while the
Nasdaq Composite lost 4 points, or 0.16%, to 2639.
In the absence of new economic data, a slew of corporate mergers and acquisitions relieved some of the recent downside pressure, but Standard & Poor's decision to cut Greece's credit ratings by three notches kept the optimism in check.
The biggest deal of the day involved the insurance industry.
Allied World Assurance
agreed to merge in a $3.2 billion deal, forming an entity
with total invested assets of $21 billion. Transatlantic's stock was adding 9.5% to $48.19 while Allied's stock dropped 4.5% to $55.44.
Global apparel company was
agreed to buy footwear company
for around $2 billion, or $43 a share. Timberland shares soared 43.8% to $43.11, while VF's stock gained 10.0% at $101.01.
jumped 32.26% to $32.80 on news that the wireless communication equipment company agreed to be acquired by
(HON - Get Report)
for $491 million, or $33 a share. Honeywell's stock ended up 0.32% at $55.71.
Wendy's Arby's Group
rose 0.9% to $4.56 on news that the
company reached a deal to sell Arby's Restaurant Group for $430 million
to a buyer formed by Roark Capital Group.
There was also a report that
giant commodities trader
is considering a 12-billion-pound ($19.5 billion) bid for Kazakh miner
Eurasian Natural Resources
, according U.K. newspaper
The Sunday Times
"Interest rates are low, companies still have a lot of cash and they're looking to grow, so acquisitions are a good strategy," said Peter Tuz, president at Chase Investment Counsel. The latest round of deals, he said, "gave the market a shot of good news this morning."
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