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US stocks close slightly lower; Amazon to acquire Whole Foods | KRVN Radio

US stocks close slightly lower; Amazon to acquire Whole Foods


(NEW YORK) — Wall Street closed slightly lower Friday after a major deal between Amazon and Whole Foods dragged down stocks.

The Dow Jones Jones Industrial Average gained 24.38 (+0.11 percent) to finish at 21,384.28.

The Nasdaq slid 13.74 (-0.22 percent) to close at 6,151.76, while the S&P 500 finished at 2,433.15, up 0.69 (+0.03 percent) from its open.

Crude oil was about 0.50 percent higher with prices under $45 per barrel.

Amazon:  Amazon announced it would acquire Whole Foods Market in a deal worth approximately $13.47 billion as the e-commerce giant takes a major step into the grocery market. Although the new partnership is still subject to regulatory approval, the news sent several retailers’ stocks plunging, including Costco, Target, and Walmart, which all sunk at least 5 percent. Shares of Amazon and Whole Foods were up 2 percent and 29 percent respectively.

Winners and Losers:  The Department of Justice is investigating defense contractor Booz Allen Hamilton’s accounting practices, causing shares to plummet 19 percent.

Biotech company Celgene was upgraded by Leerink Partners to Outperform, and its stock jumped over 1 percent.

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