Stocks turned higher Monday, Jan. 22, as investors watched for the impact of a federal government shutdown that entered its third day.

The Dow Jones Industrial Average rose 0.08% to 26,093. The S&P 500 rose 0.27% and the Nasdaq rose 0.39% - both indexes recorded intraday record highs.

Senate lawmakers have scheduled a vote for 12 p.m. ET on Monday with hopes of reaching a temporary agreement that would allow funding for the federal government until at least Feb. 8. The budget impasse, according to a report last month from ratings company Standard & Poor's, could cost the U.S. as much as $6.5 billion, or the equivalent of 0.2 percentage points from GDP growth over each week that it continues.

Celgene Corp. (CELG) - Get Report  said Monday it reached a deal to buy Juno Therapeutics Inc. (JUNO) for $87 a share in cash, or $9 billion. Juno shares rallied 27% on Monday to $86.10.

Sanofi SA (SNY) - Get Report  reached an agreement to buy Waltham, Massachusetts-based Bioverativ Inc. (BIVV) , a hemophilia specialist, in a move that will boost the French company's profile for fighting rare diseases. Sanofi said Monday it will pay $105 a share in cash, a 64% premium to Bioverativ's closing price on Friday, Jan. 19, of $64.11. Bioverativ shares jumped 62% to $103.92.

American International Group Inc. (AIG) - Get Report said Monday it was buying insurance firm Validus Holdings Ltd. (VR) in an all-cash deal for $5.56 billion. Validus shareholders will receive $68 for each share they own. Validus shares rose 44% to $67.47. 

Shares of Xerox Corp. (XRX) - Get Report rose almost 2% on Monday after Carl Icahn and Xerox's third-largest shareholder, Darwin Deason, formed a group to target the document technology company and shake up the business.

Amazon Go, a cashier-free convenience store concept, will finally swing open its doors to the public on Monday in Seattle. The store has been in test form by employees at Inc. (AMZN) - Get Report  since 2016.

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Around 300 companies will publish quarterly earnings this week as the season revs into high gear. Halliburton Co.  (HAL) - Get Report  highlighted Monday's slate, posting higher-than-expected fourth-quarter profit and revenue. NetFlix Inc.  (NFLX) - Get Report , TD Ameritrade Holding Corp.  (AMTD) - Get Report  and Logitech International SA  (LOGI) - Get Report will publish fourth-quarter figures after the close of trading. Later this week, Dow components Johnson & Johnson (JNJ) - Get Report , Procter & Gamble Co.  (PG) - Get Report , General Electric Co.  (GE) - Get Report , Travelers Cos.  (TRV) - Get Report ,  3M Co.  (MMM) - Get Report and Caterpillar Inc. (CAT) - Get Report

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With just more than 10% of S&P 500 companies reporting fourth-quarter figures so far this year, earnings have fallen by 0.2% from the same period in 2016, according to data from FactSet, as banks reduced the value of their tax credits following the December passage of the Tax Cuts and Jobs Act by Republican lawmakers. Stripping away bank earnings, however, would lift the growth rate to 11.2%, FactSet data indicated, a figure that will likely balloon to 18.6% for all of 2018.

In Europe, the Stoxx 600 benchmark gained 0.24% while stocks in Asia finished Monday's session with gains.

West Texas Intermediate crude oil, the U.S. benchmark, fell 0.02% to $63.36 a barrel.

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