U.S. stocks manage meager gains on mostly quiet day
U.S. stocks are closing with meager gains as traders assess a round of corporate deals and a recent spike in oil prices brought on by the conflict in Iraq.
Covidien jumped 21 percent after the Ireland-based medical device manufacturer agreed to be bought by Medtronic. Williams Companies rose 19 percent after saying it would expand its stake in Access Midstream Partners.
Indexes moved between small gains and losses for much of the day before ending slightly higher.
The Dow Jones industrial average inched up five points to 16,781 points Monday.
The Standard & Poor’s 500 index edged up a point to 1,937. The Nasdaq composite rose 10 points, or 0.2 percent, to 4,321.
Bond prices were flat. The yield on the 10-year Treasury note held steady at 2.60 percent.