Market Wrap: Facebook Updates 'Stock'-tus to 'It's Complicated'; JPMorgan's New Tourniquet; Merger Monday!

Market wrap-up for May 21st

End of the Day: Dow Jones up 135.1 to 12,504.48; Nasdaq up 68.4 to 2,847.21; S&P 500 up 20.8 to 1,315.99

The following is a brief summary of events moving markets today:

• Facebook (Nasdaq: FB) sank on its second day of trading following a tepid IPO last Friday. Upon closing at $38.23 the prior session, Facebook hung out around 10 percent lower for most of the day Monday.
  
  Based on his holdings, Facebook CEO Mark Zuckerberg saw his fortune cut by $2.2 billion...just days after he got married, too! Before you start weeping, don't fret: Zucks has another 17 billion reasons (i.e. - dollars) to sleep well at night.
  
  
• J.P. Morgan (NYSE: JPM) CEO Jamie Dimon, speaking at a Deutsche Bank event Monday, said his bank was going to suspend daily stock buybacks. Dimon said J.P. Morgan was heeding some caution until the firm could "box up" recent trading losses. At least one research firm believes the call had something to do with pressure from financial regulators.
  
  JPMorgan ended the session about 3 percent lower.
  
  
• Merger Monday!:
  • Yahoo! (Nasdaq: YHOO) announced a multi-step plan to monetize its Alibaba stake that includes selling half now for $7.1 billion and the selling the remaining part when Alibaba goes public.
    
  • Eaton (NYSE: ETN) announced it will buy Cooper Industries (NYSE: CBE) in a deal valued at $11.8 billion.
    
  • DaVita Inc. (NYSE: DVA) to acquire HealthCare Partners for about $4.42 billion.
    
  • General Cable Corporation (NYSE: BGC) has agreed to acquire Alcan Cable, the wire and cable business of Rio Tinto plc (NYSE: RIO), for $185 million.
• Apple (Nasdaq: AAPL) had a strong session Monday as Facebook floundered. Earlier, Goldman Sachs issued a note highlighting "that a decrease in smartphone subsidies by US carriers is unlikely." For more color on the report, click here.

Click here to go to Streetinsider's Full News Feed and never miss a beat!

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• JPMorgan says S&P 500 tactical bounce 'poised to continue'
• After-hours movers: Meta, Ford, IBM, ServiceNow and more
• Dollar drop does not look too sustainable - ING