Consumer goods firms lead US stocks slightly higher

U.S. stock indexes edged higher in afternoon trading Monday as investors sized up a batch of corporate deal news. Mattel soared on a report that Hasbro offered to buy the rival toymaker. Consumer and household goods companies posted some of the biggest gains, offsetting losses by industrial and energy stocks.

KEEPING SCORE: The Standard & Poor’s 500 index rose 2 points, or 0.1 percent, at 2,585 as of 2:15 p.m. Eastern time. The Dow Jones industrial average gained 29 points, or 0.1 percent, to 23,451. The Nasdaq composite added 7 points, or 0.1 percent, to 6,758.

LET’S PLAY TOGETHER: Toymaker Mattel soared 21 percent following a report that rival Hasbro made an offer to buy the company. Mattel was the biggest gainer in the S&P 500, climbing $3.07 to $17.69. Hasbro added $5.30, or 5.8 percent, to $96.75. More stocks fell than rose on the New York Stock Exchange.

SHOPPING FOR MALLS: GGP jumped 8.4 percent after Brookfield Property Partners offered to buy the rest of shopping mall owner for $14 billion, or $23 a share. Shares in GGP rose $1.87 to $24.07.

NO, THANKS: Qualcomm rose 3.2 percent after the company rejected an unsolicited takeover offer from Broadcom worth $103 billion, or $70 a share, saying the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. Shares in Qualcomm added $2.09 to $66.66. Broadcom fell 96 cents to $264.

EAT ‘EM UP: Tyson Foods rose 1.6 percent after the meat producer posted a larger profit and greater sales than analysts had expected. The stock added $1.16 to $75.30.

CONSUMER FRIENDLY: Consumer and household goods companies were among the big gainers. J. M. Smucker rose $1.98, or 1.9 percent, to $106.10.

GE DIVIDEND: General Electric slumped 8 percent after it said that it will slash its dividend in half to 12 cents per share, starting next month. The company also released annual profit projections that were well below what Wall Street had been expecting. Chairman and CEO John Flannery, speaking to investors gathered in Boston, said the cost-cutting maneuver is part of the measures GE will undertake to make the company simpler and stronger. The stock was the biggest decliner in the S&P 500, losing $1.64 to $18.85.

MORE ASSETS: WisdomTree Invest- pound. ments fell 5.4 percent after the asset manage- CURRENCIES: The dollar rose to ment company said it will pay $611 million 113.60 yen from 113.54 yen on Friday. The to buy a European division of ETF Securities. euro strengthened to $1.1667 from $1.1618. Shares in WisdomTree shed 64 cents to The pound slid to $1.3110 from $1.3126 as $11.30. investors worried that British Prime Minister

BONDS: Bond prices rose. The yield on Theresa May is facing a rebellion within her the 10-year Treasury note slipped to 2.39 percent own party over the handling of the Brexit from 2.40 percent late Friday.

talks.

OIL: Benchmark U.S. crude declined 5

MARKETS OVERSEAS: In Europe, Germany’s cents to $56.69 per barrel on the New York DAX shed 0.4 percent, while France’s Mercantile Exchange. Brent crude, used to price international oils, was down 38 cents to CAC 40 fell 0.7 percent. London’s FTSE $63.14 in London. 100 slid 0.2 percent. In Asia, Tokyo’s Nikkei

Energy companies were trading broadly 225 fell 1.3 percent, while Hong Kong’s lower. Newfield Exploration slid $1.11, or Hang Seng gained 0.2 percent. Seoul’s Kospi 3.3 percent, to $32.21. slid 0.5 percent. Sydney’s S&P-ASX 200 fell

METALS: Gold rose $4.70 to $1,278.90 0.1 percent. India’s Sensex lost 0.4 percent. an ounce. Silver added 18 cents to $16.05 Benchmarks in New Zealand and Jakarta an ounce. Copper gained 4 cents to $3.12 a rose, while Taiwan and Singapore declined.