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Stocks in U.S. Begin Week to the Upside

Updated from 8:08 a.m. EDT

The U.S. stock market was rising at the open Monday as traders in New York returned from a long holiday weekend to find lower oil prices and a round of merger agreements.

Just after the session began, the Dow Jones Industrial Average was up 84 points at 11,373, and the S&P 500 was adding 8 points at 1271. The Nasdaq was ahead by 29 points at 2274.

Domestic shares haven't traded since last Thursday, and that was a half session. The market was closed Friday for the Independence Day holiday.

As the new week got underway, investors were greeted with a host of merger news, and the dealmaking appeared to help brighten the mood.

The biggest transaction will see Germany's Fresenius, a seller of intravenous drugs, buy APP Pharmaceuticals (APPX) for roughly $3.7 billion.

Also, China Oilfield Services, a unit of CNOOC (CEO), is set to pay $2.5 billion for Norway's Awilco Offshore.

Cramer: Don't Fight the Tech Tape

Back in the U.S., the directors of Anheuser-Busch (BUD) could be in for a fight to keep their jobs after Belgium's InBev, which is trying to take over the Budweiser maker for $46 billion, said it would try to replace the board.

On the friendlier side, GE's (GE - Get Report) NBC Universal division is being joined by Blackstone (BX - Get Report) and Bain Capital to purchase The Weather Channel. Terms of the acquisition weren't released, but reports put the value at around $3.5 billion.

Elsewhere, General Motors (GM - Get Report), whose shares have been trading at multidecade lows amid worries about its financial health, may be close to firing thousands of white-collar workers, according to a published report. The Wall Street Journal also said GM might part ways with or end additional brands.
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CEO $96.30 -2.34%
BUD $115.19 -2.63%
BX $24.44 -7.67%
GM $28.68 0.49%
GE $28.17 -1.30%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

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