Stocks Opened Flat after Dismal Data

U.S. stocks opened little changed on Monday after data showed a steep drop in orders for long-lasting manufactured goods last month. The Dow Jones industrial average lately rose 11.79 points or 0.08 percent, to 15,022.30, the S&P 500 gained 2.84 points or 0.17 percent, to 1,666.34 and the Nasdaq Composite added 11.06 points or 0.30 percent, to 3,668.85.

The Commerce Department said on Monday durable goods orders dropped 7.3 percent as demand for goods ranging from aircraft
to computers and defense equipment fell. That was the biggest decline since last August.

Amgen (AMGN) agreed to buy Onyx Pharmaceuticals for about $10.4 billion in cash to gain access to the company’s three anticancer treatments. Under the terms of Sunday’s deal, Amgen will offer $125 a share in cash through a tender offer for Onyx’s shares. The transaction is expected to close at the beginning of the fourth quarter, subject to regulatory approval.

T. Rowe Price Group has permanently banned about 1,300 American Airlines employees from trading among its funds in their 401(k) retirement plans, a rare move to curb “collective” trading by subscribers to an investment newsletter.

Gold prices briefly pushed past the $1,400 an ounce on Monday. Gold for December delivery (CNS:GCZ3) inched $1.20 higher, or 0.1%, to $1,397.00 an ounce in electronic trading, with prices for the most-active contract remaining at their highest level since early June.