Stocks gave back early gains on Monday to close slightly lower. Volume was light ahead of the Thanksgiving holiday. Bobbi Rebell reports.
Gains in energy and materials stocks helped lift shares on Wall Street early in the session but stocks lost steam by the end of the day to close lower on light volume ahead of the Thanksgiving holiday. Canaccord Genuity's Tony Dwyer: (SOUNDBITE) TONY DWYER, EQUITY STRATEGIST, CANACCORD GENUITY (ENGLISH) SAYING: "It's really moving with the price of oil. That's the determinant of just about everything in the market. When oil prices really took a hit this morning, the market looked like it was going to take a hit, it's recovered with the price of oil. It really has driven credit, it's driven equities for the last six months now." Sales of existing homes fell more than expected in October amid rising median prices. Merger Monday saw the biggest healthcare deal ever: Pfizer is buying Allergan for $160 billion. Shares of both companies fell. And Diebold is acquiring its German rival Wincor Nixdorf for $1.8 billion, creating the world's largest ATM maker. GameStop shares dropped after the video game retailer's quarterly sales fell, and earnings missed estimates. Strong demand for chicken products helped boost sales at the U.S.' top meat processor, Tyson Foods. In Europe, a drop in metal prices and weakness in brent crude pressured commodity stocks and pulled down the major indices.