Stocks Mixed In Afternoon; Icahn Takes Allergan Stake – Investor’s Business Daily

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NYSE indexes were under modest selling pressure in afternoon trading Tuesday in a mostly quiet session after the Memorial Day weekend.

Sellers have generally been kept at bay in recent days as the Nasdaq flirts with a breakout over 5000 in the stock market today.  The Nasdaq edged 0.2% higher, while the Dow Jones industrial average gave up 0.5% and the S&P 500 lost 0.2%. Volume on the NYSE and Nasdaq was tracking higher than Friday’s levels, although turnover was light Friday ahead of the Memorial Day weekend.

Boeing (BA) lagged in the Dow, falling around 2%. Late last week, the company  announced a delay in delivering an initial batch of KC-46 aerial refueling tankers to the U.S. Air Force.

In the stock market today, Allergan (AGN) gapped up but gave back a good chunk of gains despite news of a Carl Icahn stake. Shares rose nearly 3% early but the gain faded to 0.6% in afternoon trading.

Other movers included retailer Big Lots (BIG). Shares jumped another 3% after Friday’s earnings-inspired breakout.

Some leaders are emerging in IBD’s Retail-Discount & Variety group. See who the others are with IBD Stock Checkup.

Inside the IBD 50, China-based NetEase (NTES) continued to attract buyers as it works on the right side of cup-shaped base. Shares rose 0.6%.

Meanwhile, IBD 50 component Acuity Brands (AYI) cleared a flat base with a 260.93 entry. Shares rose 2% to 261.38.

In economic news, consumer spending in April rose by the most in almost seven years. Meanwhile, consumer confidence fell unexpectedly in May to 92.6, according to the Conference Board. The new reading missed the consensus estimate of 97 and was also below April’s upwardly revised reading of 94.7.

At the New York Mercantile Exchange, WTI crude oil for July delivery added just over 1% to $49.98 a barrel ahead of Thursday’s OPEC meeting.