US Steel Jumps 26.1% After Nippon Steel Deal

Tech stocks also rose on mixed day for markets
By Newser Editors and Wire Services
Posted Dec 18, 2023 3:38 PM CST
Stocks Close Mixed After 7-Week Winning Streak
A Christmas tree stands in front of the New York Stock Exchange, Monday, Dec. 11, 2023, in New York.   (AP Photo/Yuki Iwamura)

Stocks ended mixed on Wall Street Monday as a seven-week winning streak cooled off. More stocks fell than rose on the New York Stock Exchange.

  • The S&P 500 rose 21.37 points, or 0.5%, to 4,740.56 .
  • The Dow Jones Industrial Average rose 0.86 points, or less than 0.1%, to 37,306.02, an all-time high.
  • The Nasdaq composite rose 90.89 points, or 0.6%, to 14,904.81.
Crude oil prices climbed amid worries about shipping being attacked in the Red Sea. Oil and natural gas giant BP joined the growing list of companies halting shipments along the sea, a major trade route, the AP reports.

Big technology companies helped lift the market. Nvidia rose 2.4%, while Netflix rose 3% and Meta rose 2.9%. Traders also bid up shares in online retailers. was 2.7% higher and Etsy gained 4.7%. Energy companies made big gains as the price of crude oil jumped amid growing concerns about attacks from Iranian-backed Houthis on shipping in the Red Sea. Oil and natural gas giant BP has joined the growing list of companies that have halted shipments in the major trade route. Exxon Mobil rose 1% and Valero Energy rose 2.6%.

US Steel soared 26.1% after agreeing to be acquired by Japan's Nippon Steel. The Pittsburgh steel maker played a key role in the nation's industrialization. The all-cash deal is valued at about $14.1 billion, or $14.9 billion with debt. That's nearly double what was offered just four months ago by rival Cleveland Cliffs. Investors had several other corporate buyout updates to review. Photoshop maker Adobe rose 2.5% following an announcement that it is terminating its planned $20 billion buyout of Figma. Door maker Masonite International fell 16% after saying it will buy PGT Innovations in a deal worth about $13 billion.

(More stock market stories.)

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