In economic news, the New York Empire State index, a regional manufacturing report, rose to an unexpected 28.8 in October from 14.7 in the previous month. Economists had thought it would fall.
In company news, news from Citigroup helped put a damper on the overall market. Shares sank 3.41% to $46.24 after the investment bank reported third-quarter profit dropped 57 per cent from a year ago because of $3 billion in write-downs in the mortgage market fallout. The investment bank also reported weaker earnings per share of 47 cents. Separately, and just as damaging to investor sentiment, was the news Citigroup, JPMorgan and Bank of America are working together to create a fund that will buy billions of dollars in investments that were hit by this summer's credit crisis.
Record-high oil prices helped boost shares in oil firms such as Exxon Mobil. Shares were up 1.43% to $94.82 as oil rose to an all-time high of $86.20 a barrel, settling on a new record close of $86.13. The high prices however, dragged on transportation stocks, including airlines.
Shares in Medtronic dropped 11.24% to $50 after the company was forced to recall a wire that connects a defibrillator to the heart after it was linked to five deaths. This comes after a series of similar recalls that have prompted negative patient and investor sentiment toward makers of defibrillators and pacemakers.
But finally, on the upside, shares of Tektronix jumped 33.56% to $37.85 in unusually active trade after conglomerate Danaher said it will buy the test and measurement gear maker for about $2.8 billion.
To the best and worst performers in the Nasdaq Top 100. On of the Nasdaq's winners was Biogen Idec, shares were up 18.84% to $82.51; Tellabs and Genzyme round out the top three.
Meanwhile, Level Three Communications performed particularly poorly. Shares have tumbled to 11.02% to $4.36. Akamai Technologies and Research In Motion also struggled on the Nasdaq Monday.
