shares rose 1.2% after the company announced it would divide itself into two separate businesses. The company plans to split its Band-Aids and Listerine business from its medical device and prescription drug business. It’s the second big conglomerate to break itself up this month, afterBanks and energy stocks lagged the market. Bank of America slipped 1.5%. The KBW Bank Index of the 24 largest banks closed down 0.2%.
Bond yields edged higher. The yield on the 10-year Treasury rose to 1.57% from 1.55% from late Wednesday. The bond market was closed on Thursday. Investors reviewed mostly solid corporate report cards over the last several weeks. A wide range of companies showed that they were able to successfully navigate both the summer surge of COVID-19 cases and lingering supply chain problems., with companies warning that higher raw materials costs and supply chain disruptions could crimp their finances.