Stocks give up morning rally
Stocks were up modestly Monday, Nov. 23, 2015, as investors took a breath after the previous week's rally. This photo is from July 6, 2015 photo. Credit: AP / Mark Lennihan
Stocks wobbled Monday afternoon as the market comes off its biggest weekly gain of the year. Pfizer and Allergan slipped after announcing a deal to combine and create the largest drug company in the world, sheltered from U.S. taxes.
At midafternoon on Wall Street, the Dow Jones industrial average had lost 48.8 points, about 0.3 percent, to 17,775. The Standard & Poor's 500 index was down 5.2 points, about 0.3 percent, at 2,084. The Nasdaq composite gave up 11.2 points, about 0.2 percent, to 5,093.7.
CRUDE ENERGY: The price of the Dec. 15 contract on U.S. benchmark crude oil dropped $1.15 to $39.39 a barrel in trading on the New York Mercantile Exchange.
MAKING MOVES: GameStop plunged 15 percent early Monday after the video game retailer reported earnings and revenue that fell short of analysts forecasts. Investors have been worrying that the holiday shopping season could be weak this year.
Pfizer and Allergan fell 2 percent each after announcing a deal to combine to form the world's biggest drug company.
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Too many rainy weekends? ... LI Works: Making Countertops ... LEGO at Old Westbury Gardens ... Previewing the Knicks in the NBA Finals ... Get the latest news and more great videos at NewsdayTV
