The Clinton Herald, Clinton, Iowa

Business & Technology

August 27, 2013

Stock market sags following Kerry remarks

(Continued)

“These issues are big enough to transcend daily data,” Ablin said.

The market is expected stay quiet this week, when many traders typically take their final summer vacations ahead of Labor Day.

In corporate news, shares of TMS International jumped 12 percent after members of the Pritzker family agreed to buy the industrial company. The Pritzker family, one of America’s wealthiest, operates a global industrial conglomerate and founded the Hyatt hotel chain. TMS jumped $1.91 to $17.48.

With five trading days left in August, the major indexes are on track to end the month with slight losses. The Dow has lost 3.4 percent. If that holds, it would be the Dow’s worst month since May 2012.

In the market for U.S. government bonds, the yield on the 10-year note slipped to 2.78 percent from 2.82 percent late Friday.

Crude oil slipped 50 cents to $105.92 a barrel. Gold fell $2.70 to settle at $1,393 an ounce.

Among stocks making big moves:

— Anadarko Petroleum climbed $1.22, or 1 percent, to $91.02. The oil and gas producer said late Sunday that it’s selling part of its stake in a natural-gas site off the shores of Mozambique for $2.64 billion.

— Amgen gained $8.15, or 8 percent, to $113.75 after earlier hitting an all-time high of $116.25. Onyx, the drugmaker it plans to acquire for $125 a share, rose $6.53, or 6 percent, to $123.49.

— Tesla, the electric-car maker, climbed $2.38, or 1 percent, to $164.22, following reports that Tesla’s Model S outsold Cadillac, Porsche, Jaguar and other brands in June in California.

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