Stocks end lower despite bin Laden death, earnings

3:25 PM, May 2, 2011   |    comments
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NEW YORK (AP) -- Stocks are closing slightly lower despite the death of Osama bin Laden, several strong earnings reports and a major drug industry acquisition.

The Dow Jones industrial average fell 4 points to close at 12,806 on Monday. The average of 30 stocks had been up as many as 65 points in morning trading.

The S&P 500 index fell 2 points, or 0.2 percent, to 1,364. The Nasdaq composite fell 10 points, or 0.3 percent, to 2,864.

President Barack Obama said late Sunday that bin Laden, leader of the al-Qaida terrorist group, was killed by U.S. forces in Pakistan. The news helped fuel a brief rally when the market opened.

Roughly three shares fell for every two that rose on the New York Stock Exchange. Trading volume was 4 billion shares.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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