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Investors hold off ahead of election

Monday, October 31, 2016 - 01:10

U.S. stocks were little changed on Monday as investors resisted taking big positions ahead of the outcome of the U.S. election next week. Roselle Chen reports.

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Wall Street ended barely changed on Monday, with investors resisting big bets ahead of the U.S. presidential election next week. U.S. Bank's David Schiegoleit: (SOUNDBITE) DAVID SCHIEGOLEIT, MANAGING DIRECTOR, PRIVATE CLIENT RESERVE AT U.S. BANK, (ENGLISH) SAYING: "So, you have these kind of two forces weighing on the market right now. One, holding stocks up, that's earnings, and one putting a cap on them that's the election." A raft of deals lifted sentiment on Monday. General Electric is merging its oil and gas business with Baker Hughes. The outcome? The world's number two oilfield services provider. Analysts say, the deal is unlikely to face regulatory hurdles. Baker Hughes stock fell. Phone and Internet service provider CenturyLink is buying broadband services giant Level 3 Communications for $34 billion including debt, which is a 42 percent premium. Shares of the latter rose, while CenturyLink tanked. Lumber Liquidators plunged as well after reporting a big quarterly loss and saying it can not provide a timeline for potential settlements with regulators, or an outlook for its business. Nike was down too after BofA Merrill Lynch downgraded the stock. In Europe, stocks fell for a sixth straight session.

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Investors hold off ahead of election

Monday, October 31, 2016 - 01:10