US stocks edge lower; CVS buys Omnicare

New York - Wall Street stocks edged lower in opening trade on Thursday following news that CVS Health would acquire senior pharmacy services company Omnicare for $12.7bn.

Five minutes into trade, the Dow Jones Industrial Average was at 18 270.55, down 0.08%.

The broad-based S&P 500 slipped 0.03% to 2 125.12, while the tech-rich Nasdaq Composite Index dropped 0.05% to 5 069.03.

CVS said the purchase of Omnicare will enable it to boost prescription sales in assisted-living and long-term care facilities. The transaction comes on the heels of numerous deals in the pharma and health care industries.

The muted opening trade follows modest moves earlier in the week. "The stock market has logged three full days of trading this week and it has basically gone nowhere," said Briefing.com analyst Patrick O'Hare.