Wall Street Update 2010

Wall Street retreated on Monday despite a string of takeover news as financial stocks pulled back.

Wall Street was steadily higher recently with major indexes gaining for four consecutive weeks, as the latest economic data showed the U.S. economy was recovering at a slow pace.

Although the data were far from robust, they were sufficient to ease the concerns about a double-dip.

With no economic news to direct their trading, investors were turning to corporate news to figure out the strength of the economy.

According to media reports, Southwest Airlines Co. will purchase AirTran Holdings Inc. for about 1.4 billion U.S. dollars.

Wal-Mart Stores Inc. proposed to buy South African consumer goods distributor Massmart Holdings Ltd. for about 4.25 billion dollars.

Wall Street fell in the late sessions after financial stocks pulled back. Shares of Bank of America dropped 2.65 percent while JPMorgan Chase fell 1.69 percent.

The Dow Jones industrial average dipped 48.22, or 0.44 percent, to 10,812.04.

The Standard & Poor’s 500 index slipped 6.51 points, or 0.57 percent, to 1,142.16 and the Nasdaq was down 11.45 points, or 0.48 percent, to 2,369.77. (PNA/Xinhua)

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