Closing Bell | YRC, Sprint post big gains

Shares in Overland Park-based trucker YRC Worldwide surged nearly 9 percent Monday, closing at $5.92, up 47 cents.

Another Overland Park business, wireless carrier Sprint Nextel, jumped by almost 5 percent, finishing the trading day at $4.51, up 20 cents.

YRC and Sprint bucked the trend of the overall market, where a two-day rally that sent stocks soaring last week fizzled out.

European leaders had 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 sank 2.65 points to close at 13,073.01. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14.

U.S. Treasury Secretary Timothy Geithner met separately with Germany’s finance minister and the head of the European Central Bank, Mario Draghi, on Monday. Draghi’s pledge to do whatever was needed to protect the euro set off a market rally last week. The Dow rose back above 13,000 for the first time since May and is now up 1.5 percent for the month.

Hopes are high that Draghi will announce plans to support the euro when the central bank meets Thursday, said David Brown, the CEO and chief market strategist at the research firm Sabrient.

Investors are also looking toward the Federal Reserve’s meeting this week. Many in the financial markets think the Fed will take new steps to stimulate the economy in coming months. The Fed will release its statement on interest rate policy Wednesday afternoon.

Besides the Fed statement and the ECB meeting, another potentially market-moving event comes up Friday, when the U.S. Labor Department releases its monthly employment survey. Economists expect that the unemployment rate will remain at 8.2 percent.

In other Monday trading, the broader Standard Poor’s 500 index fell 0.67 of a point to 1,385.30, while the Nasdaq dropped 12.25 points to 2,945.84. The Bats 1000 rose 16.19 points to close at 15,570.94.

The indexes had been creeping higher early in the day, then reversed course soon after a regional manufacturing report came in much weaker than analysts had expected. A survey of manufacturing by the Federal Reserve of Dallas showed a steep drop in July. Economists had forecast a modest gain.

Two corporate deals announced early Monday pushed some stocks higher. Chicago Bridge Iron Co. agreed to buy Shaw Group for $3 billion in cash and stock. Shaw jumped $14.80, or 55 percent, to $41.49.

Medical and industrial equipment maker Roper Industries said it plans to buy hospital software company Sunquest Information Systems for $1.42 billion. Roper also raised its earnings estimate for the year, a result of the pending merger and a stronger dollar. Roper gained 1 percent to $99.64. Sunquest is privately owned.

Supermarket operator Supervalu rose 13 percent, or 25 cents, to $2.24 after the company announced that it would oust its CEO. Earlier this month the Minneapolis company reported weaker sales and profits, and suspended its dividend. Supervalu also said it might put itself up for sale.

The Associated Press and Bloomberg contributed to this report.