MARKETS: U.S. stocks rise early Monday on the heels of their strongest week since November.
U.S. stocks moved broadly higher in early trading Monday on Wall Street after the U.S. and Mexico averted a trade war and potentially damaging tariffs, while several companies inked billion-dollar deals.
Several megadeals also helped nudge stocks higher. Industrial giant United Technologies is merging with defense contractor Raytheon in a deal that will create a defense contracting powerhouse with more sales than rivals Lockheed Martin and Northrop Grumman. Meanwhile, customer-management software developer Salesforce is buying data analytics company Tableau Software in an all-stock deal valued at $15.7 billion.
Consumer-related and internet stocks also gained ground as investors shifted to holdings with high-growth potential and away from safe-play sectors, like utilities. Amazon rose 2.3% and Facebook rose 1.8%.KEEPING SCORE: The S&P 500 index rose 0.6% as of 10 a.m. Eastern time. After a 4.4% gain last week, the benchmark index was 2.5% below its record set on April 30 as of Friday. The Dow Jones Industrial Average rose 137 points, or 0.5%, to 26,123. The Nasdaq composite rose 1%.
In 2018 there were eight defense sector mergers exceeding $1 billion in value, including an all-stock deal between L3 Technologies and Harris and General Dynamics' acquisition of CSRA Inc., according to PricewaterhouseCoopers.
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