(MENAFN- ProactiveInvestors) U.S. stocks ended little changed Monday with the Dow retreating slightly from a record reached at the end of last week as oil prices dropped and as investors looked ahead to testimony from U.S. Fed chairwoman Janet Yellen.
At the closing bell in New York the Dow Jones Industrial Average fell 23 points to settle at 18116 while the S&P 500 slid 0.01% to end essentially unchanged at 2110.
Both indexes nabbed record closings on Friday following news that eurozone finance ministers agreed to extend Greece's bailout deal for four months. Still the country must present a list of budget cuts and economic reforms for approval from its international lenders -- the European Commission the European Central Bank and the International Monetary Fund -- before the agreement can be finalized.
The Nasdaq was wavering between slight gains and losses for most of the session ending up 5 points at 4961 helped up by M&A activity in the biotech sector.
European markets finished mixed as investors started the week on a cautious note with the Greek debt deal hanging in the balance. Germany's DAX rose 0.7% as Ifo's German business climate index edged up in February. Asian shares gained Monday with Japan's Nikkei extending 15-year highs today after U.S. equities climbed to records on Friday.
On the U.S. economic calendar this week traders are eagerly awaiting Yellen's semi-annual testimony on the economy and monetary policy to Congress on Tuesday and Wednesday. On Monday the National Association of Realtors reported that home sales fell by a greater-than-expected 4.9% to a seasonally adjusted annual rate of 4.82 million in January a 9-month low.
In corporate activity Valeant Pharmaceuticals (NYSE:VRX) agreed to buy () for about $10.1 billion or $158 per share in cash the two companies said on Sunday. The merger is expected to yield more than $500 million in annual cost savings within six months. Shares of Valeant jumped over 14%.
Bristol-Myers Squibb () also rose after announcing on Monday an agreement to buy privately-held biotechnology company Flexus Biosciences in a deal that could be valued at up to $1.25 billion.
() said it has agreed to buy Polypore International's (NYSE:PPO) separations media business for a total of $1 billion.
On the earnings front () reported earnings and revenue in the fourth quarter that were higher than a year earlier but the company said it lost subscribers and had a higher churn rate. It also said that its CEO Joseph Clayton would retire on March 31.
HSBC (NYSE:HSBC) fell more than 4% after reporting profits fell 17% in 2014 below analyst forecasts. The bank faced a significant number of fines and settlements last year.
In other news Twenty-First Century Fox (NASDAQ:FOXA) has denied having held takeover talks with (). The Australian Financial Review reported today that senior executives from both companies met about two weeks ago to discuss a tie-up that would create a $100 billion company.
() announced its largest European investment ever with a 1.7 billion euro plan to build and operate two data centres in Ireland and Denmark that will power its online services for customers across the continent. The sites will run entirely on renewable energy sources and are expected to begin operations in 2017. Shares of gained 2.7% on Monday.
Crude oil for April delivery in New York reversed an earlier gain falling $1.36 to settle at $49.45 a barrel on continued supply worries while gold futures dropped $4.10 to finish at $1200.80 an ounce.
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