NEW YORK: Wall Street stocks advanced early Monday after major indices posted a seventh straight week of gains, supported in part by merger activity.
The Dow Jones Industrial Average rose 0.1 percent to 37,327.58, while the broad-based S&P 500 added 0.3 percent to 4,732.54.
The tech-heavy Nasdaq Composite Index gained 0.2 percent to 14,844.47.
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“The bid for eight straight weeks of gains begins today,” Patrick O’Hare, of Briefing.com, said in a note.
He added that this is supported partly by merger and acquisition activity and seasonality.
Among major headlines were Nippon Steel’s agreement to buy US Steel Corp for $14.1 billion, according to an announcement by the companies.
The leading Japanese steelmaker is set to acquire US Steel in an all-cash deal at $55 per share – a 40 percent premium above its closing price Friday.
Meanwhile, Adobe and Figma, which offers a collaborative design tool, called off a planned $20 billion merger following regulatory obstacles.
Adobe shares rose 2.3 percent shortly after trading started, while Apple shares slipped 1.2 percent after a news report that more Chinese agencies asked staff to stop bringing iPhones and other foreign devices to work.
Maris Ogg, of Tower Bridge Advisors, noted that the market’s overall performance comes as traders expect the economic slowdown will “probably be over in the summer.”
“The markets are always nine to 12 months ahead,” Ogg said.
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