Signs of weakness from the manufacturing sector prompted the markets to add to their losses this morning but turned mixed later in the day.
The U.S. ISM manufacturing index fell unexpectedly to 49.7 in June, while economists were expecting a reading of 52.0.
In other economic news, construction spending rose 0.9 percent in May, according to the Commerce Department. This marks the biggest percentage gain since December.
Bristol-Myers Squibb (NYSE:BMY) has announced it will buy Amylin (AMLN) for about $5.3 billion in cash. Shares of Amylin are rallying on the news and at least 3 brokerages have upped their price target on the pharmaceutical company.
Also on the M&A front, Dell (NASDAQ:DELL) will acquire Quest Software (QSFT) in a deal worth $2.4 billion. Dell said the acquisition should help strengthen its IT services business.
Micron Technology(NASDAQ:MU) announced the acquisition of Japan's Alpida Memory for $750 million in cash.
Tomorrow we'll take a look factory orders as well as the numbers for auto sales.
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