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.)