Stocks sink again despite Pfizer merger
Investors continued their stampede out of stocks on Monday as they sent the TSX Composite and the Dow to triple-digit losses.
At 2:38 p.m. ET, the Dow Jones Industrial Average was off more than 430 points while Nasdaq slipped 58 points.
Canadian stocks were suffering as well.
The TSX Composite was down more than 191points at 6630.
BCE lost $1.54 to hit $26.01 following news of a $1.19 billion suit filed against the company by some of the lenders of Teleglobe.
The $60 billion US merger between Pfizer and Pharmacia which comes at a time when business combinations are down failed to ignite investor interest.
Shares of Pfizer were down more than 12 per cent at $28.09 US, while Pharmacia's stock gained more than 19 per cent to hit $38.95 US.
Some positive economic was apparently not enough to reverse the lack of investor confidence that has gripped markets in the wake of the slew of accounting scandals. The U.S. Commerce Department said Monday that businesses raised their inventories by 0.2 percent in May. Inventories have not gone up since January 2001.