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Slight Slip

Indices closed slightly in red territory on Monday. Stocks traded fractionally lower today amid varied economic news. Crude oil futures tacked on 64 cents to settle at $96.93 a barrel. In merger action, Yahoo! announced plans to purchase the blog network Tumblr in a deal valued at $1.1 billion. Meanwhile, drug maker Actavis will acquire pharmaceuticals firm Warner Chilcott for $8.5 billion in stock and assumed debt. Looking ahead to Wednesday, Federal Reserve Chairman Ben Bernanke will testify before the Joint Economic Committee of Congress on the outlook of the economy and the Federal Open Market Committee will issue minutes from its latest meeting.
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