Following the market opening Monday, the Dow traded up 0.96 percent to 17,929.38 while the NASDAQ climbed 1.11 percent to 5,052.98. The S&P also rose, gaining 0.85 percent to 2,094.16.
Leading and Lagging Sectors
Cyclical consumer goods & services shares jumped by 1.10 percent on Monday. Meanwhile, top gainers in the sector included VOXX International Corp VOXX, up 9 percent, and Hong Kong Television Network Ltd HKTV, up 8 percent.
In trading on Monday, energy shares rose by just 0.1 percent. Meanwhile, top losers in the sector included Legacy Reserves LP LGCY, down 3 percent, and Linn Energy LLC LINE, off 4 percent.
Top Headline
BorgWarner Inc. BWA announced its plans to buy Remy International, Inc. REMY in a deal valued at $1.2 billion.
The offer price of $29.50 per share represents a 44 percent premium over Remy International’s closing price on Friday.
Equities Trading UP
Remy International, Inc. REMY shares shot up 42 percent to $29.13 after the company agreed to be acquired by BorgWarner Inc. BWA for $29.50 per share in cash.
Anacor Pharmaceuticals Inc ANAC shares were also up, gaining 41 percent to $119.10 after announcing positive top-line results from atopic dermatitis studies.
Shares of Markwest Energy Partners LP MWE got a boost, shooting up 12 percent to $67.11 after the company agreed to be acquired by MPLX LP MPLX for $78.64 per share.
Equities Trading DOWN
Ascena Retail Group Inc ASNA shares tumbled 15 percent to $13.98 after the company lowered its earnings forecast for the full year.
Shares of MPLX LP MPLX were down 13 percent to $60.25. MPLX LP announced its plans to buy Markwest Energy Partners LP MWE for $78.64 per share.
Windstream Holdings, Inc. WIN was down, falling 6 percent to $5.35. UBS downgraded Windstream Holdings from Neutral to Sell.
Commodities
In commodity news, oil traded down 1.16 percent to $52.13, while gold traded down 0.56 percent to $1,151.40.
Silver traded down 0.68 percent Monday to $15.38, while copper fell 0.02 percent to $2.54.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 1.58 percent, the Spanish Ibex Index gained 1.64 percent, while Italy’s FTSE MIB Index climbed 1.05 percent. Meanwhile, the German DAX gained 1.15 percent, and the French CAC 40 jumped 1.74 percent while UK shares climbed 0.69 percent.
Economics
The Treasury is set to auction 3-and 6-month bills.
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