US stocks fell overnight, as investors booked profits following a big rally that saw the Dow Jones and S&P500 reach their highest levels in nine months. The fall comes ahead of a string of economic news out this week including the Federal Reserve’s statement on interest rates and the economy.
The Dow Jones industrial average down 32 points to 9,338. The S&P500 Index fell 3 to 1,007 and the NASDAQ dropped 8 points to 1,992.
In company news: Shares in pharmaceutical company Merck & Co Inc (NYSE:MRK) gained 1.66 per cent to $30.60. According to reports Goldman Sachs has upwardly revised its rating of the company to ‘buy’ from ‘not rated’.
Shares in fast food chain McDonald’s Corporation (NYSE:MCD) added 1.94 per cent to $56.27. The company reported a 2.6 per cent rise in sales at U.S. restaurants open more than a year in July. Global comparable sales rose 4.3 per cent. The result boosted hopes for a strong third quarter.
Shares in biopharmaceutical company Vanda Pharmaceuticals Inc (NASDAQ:VNDA) lost 10.24 per cent to $13.93. The company reported a loss for the second quarter that was larger than expected.
And shares in energy company Dynergy Inc (NYSE:DYN) up 15.54 per cent to $2.23. The company reported a loss for the second quarter and announced plans to sell some of its power plants to LS Power for $1 billion in cash to help the company repay debt and boost liquidity.
To the best and worst performers of the NASDAQ Top 100: The best performer on Monday was Liberty Media with an 8.23 per cent gain to $9.07. While Genzyme and Dish Network also rose. On the downside, Hansen Natural lost the most ground and fell 5.26 per cent to $34.19. While Research in Motion and Steel Dynamics also closed lower.
