Stock Market News: Barrick Looks Golden; Viacom, CBS Approach Merger
The stock market opened down on Monday, reacting negatively to growing worries on the geopolitical front. Not only have trade negotiations between the U.S. and China failed to bear fruit, but the rising tension related to protests in Hong Kong adds yet another element to the delicate relationship between the two global powers. As of 10 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 208 points to 26,081. The S&P 500 (SNPINDEX: ^GSPC) lost 23 points to 2,895, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gave up 66 points to 7,894.
Earnings season is starting to wind down, but there are still a few companies left to report, and Barrick Gold (NYSE: GOLD) made waves with its latest financial results. Meanwhile, CBS (NYSE: CBS) and Viacom (NASDAQ: VIA) (NASDAQ: VIAB) have been working through merger negotiations for a while, and many now believe that they're very close to hammering out a definitive deal for the two media giants to combine.
Shares of Barrick Gold picked up 3% after the gold mining giant reported upbeat second-quarter results. Investors were pleased to see Barrick say that it expects full-year gold production to come in at the top end of its previous guidance range, while costs are coming in toward the low end.
Source Fool.com
