This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

No News Is OK News as Markets Hold Onto Record Gains

NEW YORK ( TheStreet) -- With a busy week of economic data behind us, U.S. markets closed higher Monday, breaking even more intraday trading records despite the absence of any market-moving catalyst.

By market close, the Dow Jones Industrial Average gained 0.11% to 16,943.1, the S&P 500 edged 0.09% higher to 1,951.27, and the Nasdaq jumped 0.28% to 4,333.71.

"This week the market is absorbing the moves and data from last week," Quincy Krosby, market strategist at Prudential Financial, told TheStreet. Positive sentiment was spurred by an above-average jobs report released Friday and news the European Central Bank would cut interest rates with hints of more stimulus to come.

However, with the S&P 500 up 5.5% year to date, there are concerns of a correction following this rally. "As markets normalize, [they] are going to have these pullbacks," noted Krobsy. "But so long as the market has a positive catalyst, the markets can grind higher." The NFIB Small Business Optimism Index due out Tuesday morning, for example, mightn't be a major market mover but optimism could lend credence to the thesis the economy is gaining momentum, she argued.

Toward the end of the week, economic indicators such as Thursday's retail sales and Friday's consumer sentiment figures could make market waves.

To individual stocks making moves Monday, Apple's (AAPL) split-adjusted pricing began in Monday trading. Shares gained 1.6% to $93.70.

A flurry of deal news came out Monday. Shares of Idenix Pharmaceuticals  (IDIX) shot 229.1% higher to $23.79 on news Merck & Co. (MRK - Get Report) had agreed to purchase the company for $3.85 billion.

Hittite Microwave Corp (HITT) soared 28.6% to $77.90 after Analog Devices (ADI) said it would buy the chipmaker in a deal worth $2 billion.

The tug-of-war for Hillshire Brands (HSH) took a turn after Pilgrim's Pride (PPC) backed off from the bidding war following Tyson Foods' (TSN) latest offer to purchase the food processor for $8.55 billion. Hillshire added 5.3%, while Tyson and Pilgrim's dropped 6.5% and 6.7%, respectively.

Family Dollar (FDO) was jumping 13.4% after activist investor Carl Icahn disclosed a 9.4% stake in the discount retailer and said that he may push for the exploration of strategic alternatives for the company.

Stocks to watch after the bell, Casey's General Stores (CASY) and Pep Boys - Manny, Moe & Jack (PBY) will report earnings.

-- Written by Keris Alison Lahiff, Andrea Tse and Joe Deaux in New York.

>> Read More:

June 9 Premarket Briefing: 10 Things You Should Know

European Stocks Rise in Quiet Trading

Stocks Hold to Gains on Day Devoid of Data

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
IDIX $24.50 0.20%
MRK $58.34 0.00%
AAPL $126.37 0.00%
FB $83.20 0.00%
GOOG $552.03 0.00%


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs