As markets kicked off the first day of August trading, stocks moved higher to begin the week. Market sentiment was at least partially boosted by progress in the bipartisan infrastructure deal. Senate negotiators introduced and finalized the text of the bill in a rare weekend session with the debating and amending process expected to begin this week.
The Dow Jones Industrial Average was up 122.77 points, the Nasdaq Composite was up 89.72 points and the S&P 500 was up 21.13 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed Square (SQ) - Get Square, Inc. Class A Report, Parker-Hannifin (PH) - Get Parker-Hannifin Corporation Report, Zoom Video (ZM) - Get Zoom Video Communications (ZM) Report, infrastructure and much more.
Watch the full interview with TheStreet Live in the video below:
A Return of 'Merger Monday?'
Two major acquisitions caught the attention of investors Monday.
Square to Acquire Afterpay
Buy now and pay later?
Jack Dorsey's fintech giant Square agreed to pay $29 billion to acquire Australia's Afterpay, a buy-now, pay-later company, in an all-stock deal, marking Square's largest acquisition to date.
Square said it plans to integrate Afterpay into its existing Seller product for small businesses and its Cash App in a statement.
“Square and Afterpay have a shared purpose,” Dorsey said in a statement. “We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”
As of the open of trading Square stock was up over 7% to $265.96.
Parker-Hannifin to Acquire Meggitt
Amid the continued resurgence of the aerospace industry, Parker-Hannifin agreed to acquire Meggitt for 6.3 billion pounds ($8.8 billion) in cash.
Meggitt specializes in the aerospace, defense and energy markets.
Parker-Hannifin was up over a percent to $317.15 as of the the open of trading.