Last week's rally is tapering off today. The Dow Jones Industrials (INDEX: ^DJI) and the S&P 500 (INDEX: GSPC) are about even in what looks to be a tame environment after investors realize the eurozone crisis is still perilous. Investors are moving into 10-year Treasury notes while they wait on the sidelines for more indications of stimulus in the United States and Europe.

Today's recap

Index

Gain/Loss

Gain/Loss %

Dow Jones Industrial Average (6.36) (0.05%)
S&P 500 (0.77) (0.06%)
Nasdaq (10.79) (0.36%)
WTI Oil Futures (0.37) (0.41%)

Source: Yahoo! Finance as of 3 p.m. EDT.

Earnings reports will be light today. None of the Dow components are releasing quarterly results, but AT&T (NYSE: T) is still making noise after announcing on Friday its plans of repurchasing $11.1 billion in shares. This stock buyback will amount to close to 300 million shares, shrinking shares outstanding by 5%. With AT&T trading at its 52-week high, the timing of the share buyback is questionable, as management could have been better off distributing the funds through dividends.

Big news came out of the construction and engineering industry with a surprise deal by Chicago Bridge & Iron (NYSE: CBI) to purchase Shaw Group for $3 billion. The deal will expand CBI's product offering and significantly increase the company's nuclear power generation portfolio. After the deal closes, estimated to happen in early 2013, the combined company will have 50,000 employees and close to $30 billion in project backlogs. Shareholders of Shaw Group are expected to receive $46 per share, a 72% premium over Friday's share price.

SUPERVALU (NYSE: SVU) is up 12% so far today after the company decided to name Wayne Sales as its new CEO, replacing Craig Herkert. SUPERVALU is trying to restore investors' confidence -- sales have been slipping over the past three years and its recent suspension of its dividend have raised some serious concerns.  

Foolish takeaway
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