Stocks Opened Lower Ahead of Central Bank Meetings

U.S. stocks opened lower on Monday as investors looked ahead to meetings of the Federal Reserve that could hint at the future path for interest rates. The Dow Jones Industrial Average lately slid 86.36 points, or 0.48%, to 17,917.39. The S&P 500 dropped 8.74 points, or 0.42%, to 2,082.84. The Nasdaq Composite shed 12.83 points, or 0.26%, to 4,893.39.

Oil prices rose on Monday, extending recent gains, building on three weeks of higher prices and reversing earlier losses from traders taking profits. Front-month Brent crude was trading at $45.45 per barrel at 1302 GMT, up 34 cents from its last settlement.U.S. West Texas Intermediate (WTI) futures were up 17 cents at $43.90 a barrel.

Embattled drugmaker Valeant Pharmaceuticals has chosen Perrigo Co. CEO Joseph C. Papa to become its new CEO, replacing J. Michael Pearson. The Wall Street Journal reported last week that Valeant was finalizing a contract with Papa.

Gannett Co. Inc. (GCI) said it proposed to buy Tribune Publishing Co. (TPUB) in a deal valued at $815 million, including the assumption of $390 million in debt. Under terms of the deal, Gannett, which includes brands such as USA Today, will pay $12.25 a share in cash for each Tribune share outstanding, which is 63% above Friday’s closing price of $7.52.

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