Bin Laden Death Rally Doesn't Hold
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After starting the day stronger, stocks weakened throughout Monday and closed lower despite the killing of Al Qaeda leader Osama bin Laden late Sunday.
In a special appearance Sunday evening, President Barrack Obama announced the world's most wanted man had been killed. Bin Laden was found in a large compound in Abbottabad, about one hour north of the Pakistan capital of Islamabad. U.S. special operation forces, including an elite U.S. Navy Seals unit, stormed the compound and killed bin Laden. His body was buried at sea.
The Dow finished down 3 points to close at 12,807. The Nasdaq closed down 9 and the S&P 500 closed down 2.
The selling came despite a spate of takeovers, including a deal for Cephalon (Nasdaq: CEPH) to be acquired by Teva Pharmaceutical (Nasdaq: TEVA) for $6.8 billion and Arch Coal's (NYSE: ACI) offer to acquire International Coal Group (NYSE: ICO) for $3.4 billion.
Some traders attribute the selling to fears the death of bin Laden will spark a terrorist outbreak in retaliation. Others blame the selling on simple profit taking as his death doesn't change fundamentals of the market.
In a special appearance Sunday evening, President Barrack Obama announced the world's most wanted man had been killed. Bin Laden was found in a large compound in Abbottabad, about one hour north of the Pakistan capital of Islamabad. U.S. special operation forces, including an elite U.S. Navy Seals unit, stormed the compound and killed bin Laden. His body was buried at sea.
The Dow finished down 3 points to close at 12,807. The Nasdaq closed down 9 and the S&P 500 closed down 2.
The selling came despite a spate of takeovers, including a deal for Cephalon (Nasdaq: CEPH) to be acquired by Teva Pharmaceutical (Nasdaq: TEVA) for $6.8 billion and Arch Coal's (NYSE: ACI) offer to acquire International Coal Group (NYSE: ICO) for $3.4 billion.
Some traders attribute the selling to fears the death of bin Laden will spark a terrorist outbreak in retaliation. Others blame the selling on simple profit taking as his death doesn't change fundamentals of the market.
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