Stocks declined Monday and oil prices jumped following Hamas’s surprise attack on Israel over the weekend. Bond markets in the U.S. were closed for Columbus Day.Exxon Mobil rose 3.7%, Chevron gained 3%, ConocoPhillips rose 4.2%, and U.S.-listed shares of Shell were up 1.7% after the jump in oil prices. Futures for West Texas Intermediate crude, the U.S. benchmark, were rising 4.3% to $86.34 a barrel. Traders were watching how the conflict affects oil production in the Middle East.
Separately, Lockheed ‘s board on Friday approved the expansion of Lockheed’s stock repurchase program by $6 billion, and the company raised its quarterly dividend to $3.15 a share from $3. Shares of Mirati Therapeutics fell 5% to $57.20 after the oncology developer reached an agreement to be acquired by Bristol Myers Squibb for $58 a share in cash. Mirati shares closed Friday at $60.20. Under terms of the deal, valued at up to $5.8 billion, Mirati stockholders also will receive one non-tradeable contingent value right per share, potentially worth $12 a share in cash. Bristol Myers rose 0.5%.
Alnylam Pharmaceuticals fell 9.6% after the company said it would no longer pursue an expanded indication for patisiran as a treatment for the cardiomyopathy of transthyretin-mediated amyloidosis after the Food and Drug Administration issued a so-called complete response letter.
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