NEW YORK — A two-day rally that sent stocks soaring last week fizzled out Monday.
European leaders vowed Thursday and Friday to keep the continent’s monetary union intact, and investors sent stock markets shooting higher. But stocks were little changed Monday as investors waited to see if they would back up their words with action.
The Dow Jones industrial average edged down 2.65 to close at 13,073.01. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14. The broader S&P 500 index fell 0.67 of a point to 1,385.30, while the Nasdaq dropped 12.25 to 2,945.84.
Investors are looking toward the Federal Reserve’s meeting this week. The Fed will release its statement on interest rate policy Wednesday.
NEW YORK — Supervalu Inc. on Monday fired its CEO and tapped Chairman Wayne Sales to lead its turnaround efforts, weeks after the grocer reported dismal quarterly results and suggested it might put itself up for sale.
The Minneapolis-based operator of Albertson’s, Jewel-Osco and other grocery chains said Craig Herkert, who was brought in as CEO in 2009 to help shake up things, was notified of his firing Sunday. In a letter to employees, Sales vowed to move more quickly to cut prices and make “tough decisions” regarding cost-cutting. He said the company’s “biggest enemy” is time.
DETROIT — Chrysler’s almost total reliance on North America used to be a huge weakness, one that sent the company into bankruptcy protection. The region now is generating profits for the company while losses in Europe and slowing sales in South America and China are drains on other carmakers.
Chrysler, which sells almost 90 percent of its cars and trucks in the U.S. and Canada, made a $436 million second-quarter profit. It was a huge turnaround from a year earlier, when the firm lost $370 million, mainly because it refinanced government bailout loans.
THE WOODLANDS, Texas — Chicago Bridge & Iron Co. said Monday it has agreed to buy Shaw Group Inc. for $3.04 billion in cash and stock.
The firm, also known as CB&I, said the addition of Shaw, based in Baton Rouge, La., will create one of the world’s most complete engineering and construction companies focused on the energy industry. The combined firm will employ nearly 50,000 and have a backlog of more than $28 billion.
SARASOTA, Fla. — Medical and industrial equipment maker Roper Industries Inc. is buying hospital software company Sunquest Information Systems Inc. for approximately $1.42 billion. Sunquest, based in Tucson, Ariz., provides diagnostic and laboratory software to more than 1,700 hospitals globally. Roper said Sunquest will continue to operate under its own name and market products and services under their current brand names.
ATLANTA — The Coca-Cola Co. is streamlining its business and raising the profiles of two key executives, a move that could better position them to eventually succeed CEO Muhtar Kent.
Starting next year, the world’s largest beverage company said its business will be built around three units: Coca-Cola Americas, Coca-Cola International and a bottling division, which will oversee the bottling operations outside North America. The company said Monday that Steve Cahillane, 47, will head the Americas unit. The international unit will be headed by Ahmet Bozer, 52. Irial Finan, 55, will continue as president of the bottling group.