US: Stocks open little changed

[NEW YORK] The S&P 500 edged lower on Monday, retreating from record peaks despite news that Endo International would buy Par Pharmaceutical Holdings in the latest pharmaceutical merger.

Five minutes into trade, the broad-based S&P 500 was at 2,121.61, down 1.12 points. The index closed at records on Thursday and Friday.

The Dow Jones Industrial Average added 1.30 at 18,273.86, while the tech-rich Nasdaq Composite Index dipped 7.72 to 5,040.57.

Endo International announced a US$8.05 billion acquisition deal for privately held US firm Par to strengthen its generic drugs business. The deal is expected to generate US$175 million in savings within 12 months after the transaction is completed. Endo shares fell 2.1 per cent.

The calendar has no major economic reports Monday, but the schedule this week includes minutes from the Federal Reserve's April monetary policy meeting and earnings from Wal-Mart Stores.

AFP