Mid-Morning Market Update: Markets Rise; Pilgrim's Pride Offers To Buy Hillshire For $45/Share

Following the market opening Tuesday, the Dow traded up 0.38 percent to 16,669.91 while the NASDAQ surged 0.86 percent to 4,221.64. The S&P also rose, gaining 0.47 percent to 1,909.53.

Financial sector was the top gainer in the US market on Tuesday. Meanwhile, top gainers in the sector included China Hgs Real Estate

, up 8.4 percent, and SouFun Holdings

, up 4 percent. In trading on Tuesday, energy shares were relative laggards, down on the day by about 0.09 percent. Top losers in the sector included Frontline

, down 11.8 percent, and Oiltanking Partners LP

, off 5.1 percent.

Pilgrim's Pride

offered to

in an all-cash transaction valued at $6.4 billion. Pilgrim's Pride will offer $45 per share in cash, representing a 24% premium to Hillshire's closing price of $36.23 on Friday.

BioCryst Pharmaceuticals

shares shot up 11.16 percent to $10.01 following the announcement of

meeting primary and secondary endpoints. Shares of SeaDrill

got a boost, shooting up 1.83 percent to $37.03 following Monday's announcement of co-operation agreement with Rosneft. The Hillshire Brands Company

shares were also up, gaining 21.43 percent to $44.96 on a $45.00 bid from Pilgrim's Pride

.

Shares of Analogic

were 11.78 percent to $67.86 after the company issued a downbeat Q3 forecast and lowered its FY14 revenue outlook. Pinnacle Foods

shares tumbled 5.98 percent to $31.28 on proposed Pilgrim's Pride

acquisition of Hilshire

. JinkoSolar Holding Co

was down, falling 4.06 percent to $24.81 after the company reported

first-quarter earnings.

In commodity news,

to $103.99, while gold traded down 1.16 percent to $1,276.90. Silver traded down 1.46 percent Tuesday to $19.14, while copper rose 0.25 percent to $3.18.

European shares

today. The eurozone's STOXX 600 gained 0.20 percent, the Spanish Ibex Index rose 0.39 percent, while Italy's FTSE MIB Index declined 0.15 percent. Meanwhile, the German DAX climbed 0.38 percent and the French CAC 40 fell 0.01 percent while UK shares rose 0.48 percent.

US durable goods-orders rose 0.8% in April, versus economists' expectations for a 0.8% drop. The FHFA house price index rose 0.70% in March, versus economists' expectations for a 0.50% gain. The S&P/Case-Shiller home price index increased 0.9% in March. However, home prices rose 12.4% y/y in March. The flash reading of Markit PMI services index rose to 58.40 in May, versus a prior reading of 55.00. The Conference Board's consumer confidence index rose to 83.00 in May, versus a prior reading of 82.30. However, economists were expecting a reading of 83.00. The Richmond Fed manufacturing index came in at 7.00 in May, versus a previous reading of 7.00. However, economists were estimating a reading of 8.00. The Treasury is set to auction 3-month and 6-month bills. The Treasury will also auction 2-year notes.