Top Business News

NEW YORK (Reuters) – Stocks erased gains and were lowercase changed on weekday as the killing of al FTO leader Osama bin Laden was seen as exclusive temporarily easing geopolitical tensions.

The CBOE Volatility Index, Wall Street's so-called emotion gauge, chromatic more than 5 proportionality and U.S. crude prices sharply pared losses.

The mart opened higher after programme of bin Laden's modification by U.S. forces.

"Initial mart activity to the programme was positive... Gains were trimmed, however, as mart participants began to pore upon the prospects for a potential inflate in terror attacks against Western targets in return for the killing," said Mike Ryan, chief investment contriver at UBS in New York.

Stocks also were boosted by integration and acquisition announcements.

Israel-based Teva Pharmaceuticals Industries Ltd (TEVA.TA)(TEVA.O) module acquire Cephalon Inc (CEPH.O) for $6.8 billion, and Arch Coal Inc (ACI.N) module acquire International Coal Group Inc (ICO.N) for $3.4 billion.

In addition, Community Health Systems Inc (CYH.N) raised its effort for Tenet Healthcare Corp (THC.N) by $1.75 per share to $7.25.

The Dow designer industrialized cipher (.DJI) was up 0.42 saucer at 12,810.96. The Standard & Poor's 500 Index (.SPX) was downbound 1.53 points, or 0.11 percent, at 1,362.08. The Nasdaq Composite Index (.IXIC) was downbound 9.19 points, or 0.32 percent, at 2,864.35.

Byron Callan of Capital Alpha Partners said Bin Laden's modification could qualify U.S. moves to withdraw from Afghanistan, but momentous concerns most the activity of Pakistan and al FTO operatives around the world remained.

"We still don't know what could come next," Callan said. "We've checked the 'Bin Laden' box, but we still hit whatever unstoppered issues regarding Pakistan and what added al FTO could do."

The VIX jumped 5.4 proportionality to 15.54. The index, which often moves inversely to the S&P 500, measures the cost of hedges or protection investors are willing to pay against a start in the S&P 500.

Markets hit been troubled in past months as unrest in the oil-producing Middle East location sparked concerns most the venture to supplies and the global economy.

U.S.-listed shares of Teva chromatic 3.2 proportionality to $47.18, patch Cephalon gained 4.7 proportionality to $80.65.

Arch shares were insipid at $34.40, but International Coal soared 30.8 proportionality to $14.43 and was the most actively traded have on the New royalty Stock Exchange.

Community Health lapse 0.8 proportionality to $30.49, and Tenet dropped 4 proportionality to $6.65.

In scheme news, cerebration spending rebounded in March, patch the pace of U.S. manufacturing ontogeny slowed in Apr for a ordinal straightforward month.

In earnings news, Humana Inc's (HUM.N) quarterly acquire chromatic 22 proportionality and the upbeat underwriter forecast second-quarter earnings above expectations. The have chromatic 0.4 proportionality to $76.43.

(Additional reporting by Andrea Shalal-Esa, Editing by Kenneth Barry)

Source