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But that wasn't enough to get investors buying stocks, as several events later this week could set the tone for the rest of the summer. The Dow Jones industrial average, the S&P 500 and the Nasdaq all sank about 0.5%.
Top officials at the Federal Reserve, European Central Bank and Bank of England all meet this week.
The Fed is unlikely to make any changes to its quantitative easing policies of buying $85 billion in bonds and mortgage-backed securities a month.
See what global markets did today
There is also a ton of U.S. economic data on tap, with a report on second-quarter gross domestic product and the government's monthly jobs report Friday. GDP is expected to be tepid, while the latest data on hiring and unemployment should show continued modest improvement.
But several well-known stocks were on the move.
Merger Monday. Canadian retailer Hudson's Bay bought iconic retailer Saks (SKS) in a deal worth $2.9 billion. Hudson's Bay owns rival luxury retailer Lord & Taylor.
Omnicom Group (OMC, Fortune 500) and Publicis Groupe (PGPEF) announced a $35.1 billion deal to form the world's largest advertising agency. Shares of both companies were higher. The news also lifted shares of rival advertising agency, Interpublic Group of Companies (INPGP).
U.S. over-the-counter drugmaker Perrigo (PRGO) announced an $8.6 billion deal for Irish drugmaker Elan (ELN), a cash and stock deal that pays about a 26% premium for Elan shareholders. The Irish company was at the center of an insider trading scandal involving a former employee of embattled hedge fund SAC Capital.
Deluge of earnings. Mall operator Simon Property (SPG) and casino owner Wynn Resorts (WYNN, Fortune 500) both reported improved quarterly earnings, although Wynn fell short of forecasts while Simon beat estimates.
Rental car company Hertz (HTZ, Fortune 500) reported results that met analysts' expectations, but shares were down nearly 3%.
Hartford Financial (HGH) and Express Scripts (ESRX, Fortune 500) are on tap to report after the close. Also after the bell, Herbalife (HLF), the multi-level marketing company that hedge fund manager Bill Ackman has attacked as a pyramid scheme, will release its second-quarter earnings.
Shares of Intuitive Surgical Inc. (ISRG) gained after the medical robotics company boosted its share repurchase program.
Related: Fear & Greed Index
Best of StockTwits. On any given day, there are always high-profile stocks on the move that traders on StockTwits are talking about. Here's a look at some of them.
SodaStream (SODA) shares were up 3% as investors looked ahead to the company's latest earnings report Wednesday. The stock has had a strong pop this year, rising from about $45 a share to above $75 a share in May. But some traders on say the stock is too frothy.
investinthebest: $SODA nothing but a bubble if you ask me. want to see 20-30
Facebook (FB) shares have been on a tear since the social network reported strong quarterly results last week. The stock rose above $35 a share Monday and is closing in on its IPO price of $38.
jincman: $FB it's getting comfortable over 35 ... look out!
Caterpillar (CAT, Fortune 500) announced plans to repurchase $1 billion worth of its own stock from French bank Société Générale, accelerating a $2 billion transaction announced in April. The move comes a few weeks after hedge fund manager Jim Chanos said he's betting against Caterpillar as the global boom in commodities draws to a close.
For some, the buyback is a sign of weakness, while others say Caterpillar is still a good long-term bet.
timboutillier: $CAT You smell that? Smells like desperation if you ask me.
leopardtrader: Those betting against $CAT at the current levels will be thoroughly whipped in months ahead lol
First Published: July 29, 2013: 9:45 AM ET
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