On Quiet Day, Dow Drops 8
Monsanto up 4% after unexpected offer from Bayer
By Newser Editors and Wire Services
Posted May 23, 2016 3:33 PM CDT
Trader Fred DeMarco, left, works on the floor of the New York Stock Exchange, Wednesday, May 18, 2016.   (AP Photo/Richard Drew)

(Newser) – Stocks closed slightly lower Monday after a day of wavering between small gains and losses, the AP reports. Many traders were waiting on the sidelines for more clues about what the Federal Reserve might to at its next policy meeting in June. Last week many were surprised to hear that policymakers may be closer to raising interest rates than previously believed. Monsanto jumped 4% after the German drug and chemical maker Bayer offered to buy the agricultural products company for $62 billion. The Dow Jones industrial average lost 8 points to 17,492. The Standard & Poor's 500 index slipped 4 points, or 0.2%, to 2,048. The Nasdaq composite lost three points, or 0.1%, to 4,765. Bond prices rose. The yield on the 10-year Treasury note fell to 1.83%.

 

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