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Stock Market Today: Markets Finish Well off Intraday Highs

Stocks in this article: SPY QQQ DIA MNKD FOXA TWX

NEW YORK (TheStreet) -- U.S. stocks finished well off their intraday highs Monday, barely able to sustain their midday gains.

Read More: Kinder Morgan May Target Oil, Gas and Coal After $71 Billion Deal

The S&P 500 was up 0.28% to 1,936.92. The Dow Jones Industrial Average (DIA) tacked on 0.1% to 16,569.98. The Nasdaq (QQQ) rose 0.7% to 4,401.33.

Markets took a breather from geopolitical concerns Monday. Russia appeared to step back from the brink over Ukraine and there were hopes that U.S. airstrikes in Iraq may have slowed the advance of Islamist rebels there. A renewed three-day ceasefire between Israel and Hamas in Gaza also played a role in the improved mood.

Read More: ValueAct Backs 21st Century Fox's Independence With $1 Billion Position

In corporate news, jilted prospective acquirer 21st Century Fox (FOXA) is making out quite well following the rejection of its $80 billion offer to Time Warner (TWX). Institutional investor ValueAct Capital has disclosed a $1 billion position in the Rupert Murdoch-run media conglomerate and shares added another 1.16% following big gains Friday to close at $34.77. 

The stock has regained about 10% since the announcement it had abandoned its Time Warner bid and following a strong fourth quarter, though remains about 1% lower since news of its proposal broke a month earlier.

MannKind (MNKD) found a partner willing to sell the inhaled insulin device Afrezza but the deal terms, as expected, are rather terrible. Shares closed up 4.92% to $8.53.

Read More: August 11 Premarket Briefing: 10 Things You Should Know

 

--By Andrea Tse in New York

Follow @AndreaTTse

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