The major indices dipped into negative territory as conviction behind early morning buying fades.
The financial sector had been up as much as 3.7% early on. It is now down 1.3%, trading just above its session low.
Consumer staples continue to hold gains. The sector has attracted
safety seekers and is up 1.5%. At its session high it was up 2.2%.
Cereal and prepared food company Kellogg (K 56.79, +0.38) is acquiring
a privately owned Austrailian cereal maker, Specialty Cereals. The
terms of the deal were not disclosed, but the acquisition is not
expected to have a material impact on Kellogg's 2008 operating profit.