Stocks Give Up Early Gains, S&P Revises U.S. Outlook

U.S. stocks erased early gains on Monday, as they got a lift from a positive revision to the nation’s credit-rating outlook The Dow Jones industrial average lately was down 23.00 points, or 0.15 percent, at 15,225.12. The Standard &
Poor’s 500 Index was down 2.91 points, or 0.18 percent, at 1,640.47. The Nasdaq Composite Index was down 1.26 points, or 0.04 percent, at 3,467.96.

Credit rating agency Standard & Poor’s on Monday upgraded its credit outlook for the United States government to “stable” from “negative,” saying the “likelihood of a near-term downgrade of the rating is less than one in three.”

AstraZeneca (AZN.L) is to buy U.S. respiratory drug specialist Pearl Therapeutics for up to $1.15 billion as Britain’s second biggest drugmaker steps up a drive to rebuild its product pipeline via deal-making.

President Barack Obama on Monday will nominate longtime adviser Jason Furman to be his new chief White House economist, an administration official said.