NEW YORK - Stocks ended little changed on Monday after the biggest US takeover deal proposed this year helped offset the comments by influential investor Warren Buffett, one of the deal's backers, that the country could face a long and deep recession.
Signs of life stirred in the moribund merger-and acquisition market when Mars Inc, the maker of M&Ms candy, offered to buy Wm Wrigley Jr Co, the world's largest chewing gum maker. Buffett's Berkshire Hathaway will help finance the $23 billion acquisition.
The deal underscored the notion that stocks are relatively cheap, with valuations hovering near their lowest in more than a dozen years. That helped financial stocks overcome a report from Morgan Stanley that predicted more profit headwinds for several large US banks, including Bank of America Corp.
Buffett, however, told CNBC television that the United States could be mired in a longer and deeper recession than most people think.
Read the full article>>
US stock market
Post a Comment