Wall Street Ticks Up as Dividend Payers Rise, GE Slashes Payout

The Dow Jones Industrial Average rose 17.49 points, or 0.07 percent, to 23,439.7, the S&P 500 gained 2.54 points, or 0.10 percent, to 2,584.84 and the Nasdaq Composite added 6.66 points, or 0.1 percent, to 6,757.60.

The S. & P. 500 Index

Position of the S. & P. 500 index at 1-minute intervals on Monday.

Investors are closely tracking developments around the tax bill after U.S. Senate Republicans last week unveiled a new plan that differed from the House of Representatives’ version.

Some relief for investors did come from the regulatory side, and shares of regional banks rose after the Wall Street Journal reported a bipartisan group of Senate lawmakers reached a tentative agreement to ease some regulations on the sector.

The KBW Regional Banking Index gapped lower at the open but turned positive mid-session and ended up 1.3 percent after steadily climbing in afternoon trading.

Toymaker Mattel jumped 20.7 percent to $17.64 after a report that rival Hasbro made an approach to acquire the company. Hasbro rose 5.9 percent to $96.84.

Qualcomm gained 3.0 percent to $66.49 after the chipmaker rejected rival Broadcom’s $103-billion takeover bid, saying the offer “dramatically” undervalued the company.

3-Month Treasury Bills

High rate at weekly auction.

Tyson Foods shares climbed 2.0 percent to $75.59 after the meat processor said low prices for livestock feed will help boost results again next year. Shares touched their highest since September 2016.

Roku shares continued to rally, up 28.5 percent on Monday to $42.71, more than doubling since the company reported earnings last week. The stock debuted at $15.78 on Sept. 28 after having priced its initial public offering at $14.

Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored decliners.

The S&P 500 posted 40 new 52-week highs and nine new lows; the Nasdaq Composite recorded 67 new highs and 81 new lows.

About 6.18 billion shares changed hands in U.S. exchanges, fewer than the 6.67 billion daily average over the last 20 sessions.

(Reporting by Rodrigo Campos; Additional reporting by Sinead Carew and David K. Randall; Editing by James Dalgleish)

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