Wall Street Pushes Higher Amid Deal Flurry By Investing.com

© Reuters.

By Peter Nurse

Investing.com – U.S. stocks pushed higher after the open Monday, as global macro concerns eased and investors took on board positive company-specific news, including a flurry of midcap mergers and some upbeat earnings guidance.

The index was trading 6 points, or 0.2%, higher by 0935 ET (1435 GMT), with the up 33 points, or 0.4%. The gained 27 points, or 0.1%.

Fears of major military action in the Middle East have dimmed, although the Iranian authorities are under pressure from domestic protests over the downing of a Ukranian passenger plane last week. At the same time, the trade spat between China and the U.S., the two largest economies in the world, looks set to come to an end with Chinese negotiators traveling to Washington this week to sign a phase one trade deal with the U.S.

In M&A news, Woodward (NASDAQ:) stock rose 4.9% and Hexcel Corporation (NYSE:) stock rose 7% after the two companies – both big suppliers to Boeing (NYSE:) – announced an all-stock merger. The deal will allow the two companies to rationalize as they try to cope with the fallout from Boeing’s grounded 737 MAX.

Additionally, renewable energy generator TerraForm Power Inc (NASDAQ:) stock was up 10% after the company said it had received an unsolicited offer from Brookfield Renewable Partners for the 38% of the company that Brookfield doesn’t already own.

Looking at earnings, yogawear maker Lululemon Athletica (NASDAQ:) rose 6.1% after the company upgraded its revenue and earnings forecasts in the wake of a successful holiday season.

Earnings season will start in full force tomorrow, with the major banks starting to report. JPMorgan Chase (NYSE:), Citigroup (NYSE:) and Wells Fargo (NYSE:) are all due to present on Tuesday, against a background of undimmed optimism on Wall Street.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Related posts

Leave a Comment