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In Case You Missed Monday

The rally in equities takes a timeout


Oil slick:
  • Stocks sort of took a breather on Monday, with the S&P 500 and Nasdaq not even moving a point. Oil did get itself above $108 a barrel, which certainly bears closer watching, but the market also had risen almost 6% in about three weeks. A lack of news of either extreme, and the days after the end-of-quarter “window dressing” also certainly had a hand in a sideways trade. Silver, however, pushed to another 31-or-so-year high. Bonds did post a modest gain, about the only sign that the three-week rally in stocks could even be anything close to ending. 
  • After the closing bell, some real news: Texas Instruments (NYSE:TXN) will buy National Semiconductor (NYSE:NSM) for $25 a share in an all-cash deal worth about $6.5 billion. The combined company is expected to have market share of about 17%-18%. NSM shot 75% higher in after-hours trading.
  • On Tuesday, investors will get the ISM Non-Manufacturing Survey for March as well as the Fed minutes from its March 15 meeting.

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