Monday's Bloomberg Market Report

By: Deborah Kostroun Email
By: Deborah Kostroun Email
  • DJ Industrials: Down 265.86 to 14,599.20
  • S&P 500: Down 36.49 to 1,552.36
  • NASDAQ: Down 78.46 to 3,216.49

Here are the headlines from Monday's Bloomberg Market Report.

U.S. Supreme Court justices heard arguments Monday in a case that has the potential to redefine rights in the biotech and agriculture industries. A group of doctors and scientists say the patents Myriad Genetics holds on human genes are stifling research. The case could riffle far beyond medicine, since companies such as Monsanto inject genes into seeds.

Struggling retailer JC Penney is borrowing $850 million from its line of credit. The chain is trying to improve liquidity in the wake of a management shakeup. The company says it will use the cash to replenish inventory.

Stocks were lower on concerns about economic growth in China, but took a sharp dip after the news of explosions at the Boston Marathon.

Gold was among those losing value Monday, tumbling nearly ten percent in New York trading. The precious metal has lost 15 percent this year, after rallying for 12 straight years. Optimism over economic growth is lowering the need for wealth protection investments, such as gold.

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