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US: Stocks rise following corporate deals
[NEW YORK] US stocks on Monday opened higher following large corporate deal announcements and ahead of the unofficial kick-off of third-quarter earnings.
Five minutes into trade, the Dow Jones Industrial Average stood at 17,087.79, up 78.10 points (0.46 per cent).
The broad-based S&P 500 rose 8.96 (0.46 per cent) to 1,976.86, while the tech-rich Nasdaq Composite Index gained 17.86 (0.40 per cent) to 4,493.49.
Hewlett-Packard advanced 4.2 per cent on news that it plans to split into two separate, listed companies, one focusing on computers and printers, the other on corporate hardware and services operations.
BD, a medical device manufacturer, plans to acquire rival CareFusion for US$12.2 billion, the companies announced. BD jumped 6.6 per cent, while CareFusion soared 23.6 per cent.
Investors are looking ahead to earnings from aluminum-producer Alcoa, which will be released after the market closes Wednesday, unofficially launching the earnings season. - AFP