Stocks finished mixed on Tuesday, as investors focused on a large acquisition and partially disregarded downbeat economic reports as being affected by the cold weather.
After a three-day holiday weekend, the Dow Jones Industrial Average ended unofficialy 23 points lower, dragged by Coca-Cola, which fell 3.75 percent after reporting a drop in fourth-quarter profit.
But the S&P 500 rose 2 points and the Nasdaq gained 28 points, rising to a 13-year high and up for an eighth session straight, its longest win streak since July.
A measure of home builder confidence fell dramatically in February as dismal weather hit sales. Also, the New York Fed's "Empire State" general business conditions index had factory activity in New York, the upper part of New Jersey and lower portion of Connecticut coming in at 4.48 in February from 12.5 in January. Economists polled by Reuters expected a reading of 9.0.
Forest Laboratories jumped 27 percent after Actavis agreed to acquire the Alzheimer's drug maker for $25 billion.
Last Friday, stocks rose to post their best weekly gain so far this year.
First published February 18 2014, 6:45 AM
Kate Gibson, CNBC
Kate Gibson is Markets Writer at CNBC.com.