Stocks Slip Into Red; U.S. Factory Orders Rebound

U.S. stocks slid into the red in the early afternoon on Tuesday, as investors await a batch of economic reports headlined by the key jobs reports due later in the week. The Dow Jones Industrial Average lately declined 18.01 points, or 0.10%, to 17,580.19. The S&P 500 was up 0.24 points, or 0.01%, to 2,098.28. The Nasdaq Composite gained 1.87 points, or 0.04%, to 5,117.25.

Orders for goods produced in U.S. factories rose 1.8% in June, the Commerce Department said Tuesday. Orders for durable goods — products meant to last at least three years — advanced 3.4% in June. Orders for nondurable goods edged up 0.4%.

Drugmaker Shire (SHP.L) said on Tuesday it was seeking to buy Baxalta (BXLT.N), a company spun-off by Baxter International (BAX.N) last month, for $30 billion to forge the leading global specialist in rare diseases.

Aug 4 Government-controlled mortgage finance firm Freddie Mac on Tuesday said big gains in its loan guarantee business and its investment portfolio will allow it to cut a check to the U.S. Treasury for $3.9 billion. Freddie Mac reported a second-quarter profit of $4.2 billion, sharply up from $524 million in the first quarter.

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