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DJIA trades flat

FXStreet (Mumbai) - The US equity markets swung from minor gains to losses with the Dow Jones Industrial Average (DJIA) trading dead flat as optimism from corporate deals was countered by Japanese recession.

The DJIA traded largely unchanged at 17,633 levels at the time of writing. Among the index stocks, Pfizer is down 1.17%, after the company said it will pay Merck USD 850 million up front and other payments up to as much as USD 2 billion for the rights to jointly develop and commercialize an antibody that the German company is currently working on. Moreover, the stock plunged since the company cut its forecast for earnings per share this year by around 6% to a range of USD 1.40-USD 1.49. Other losers include Cisco, Chevron, Amercian Express, Exonn Mobil. Meanwhile, on the plus side are shares in Merck&Co, up 1.11%, followed by UnitedHealth, which is up 0.86%.

The DJIA Consumer goods sector and Utilities sector, are up 0.34% and 0.40% respectively. Oil and Gas sector continues to plunge, down 0.63%. Markets appear to have taken a breather after consecutive record high closing witnessed in the last week. The disappointing industrial production data released earlier today seems to have no effect on the stock markets so far.

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