Stocks edge higher after Presidents Day
Coca-Cola slump weighs on the Dow
2/18/2014NEW YORK — The U.S. stock market is mostly higher as traders return from a long holiday weekend.
Health care stocks rose following a big merger in the pharmaceutical sector. Coca-Cola slumped after turning in disappointing quarterly results.
The Dow Jones industrial average was little changed at 16,152 in midday trading today.
The Standard & Poor’s 500 index rose three points, or 0.2 percent, to 1,841. The Nasdaq composite increased 27 points, or 0.7 percent, to 4,272.
Forest Laboratories jumped 30 percent after another drugmaker, Actavis, agreed to buy the company for $25 billion.
Coca-Cola fell 3 percent after reporting lower fourth-quarter profit and sales.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.71 percent from 2.75 percent on Friday.
Markets were closed Monday for Presidents’ Day.