NEW YORK (TheStreet) -- U.S. stocks recovered from session lows on Monday as several high-profile deals were confirmed. Global markets fell earlier on news that Japan had fallen into recession again in the third quarter.
The Dow Jones Industrial Average added 0.1% and the S&P 500 inched 0.08% higher. The Nasdaq slipped 0.06%.
Oilfield services provider Baker Hughes (BHI) was the best performer on the S&P 500 after Halliburton (HAL) agreed to purchase it for $34.6 billion. Baker Hughes surged 12.5%, while Halliburton shares dropped 7%.
Hasbro (HAS) shares spiked more than 4% after preliminary talks to purchase DreamWorks (DWA) fell through. Investors were concerned a deal worth an estimated $30 a share was too high a price tag for the animation studio. DreamWorks tumbled 13.3%.
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Third-quarter GDP in Japan, the world's third-largest economy, fell 1.6% after a 7.1% dive the previous quarter. Economists had expected growth as high as 2.1% from the year earlier. The unexpected contraction may push Prime Minister Shinzo Abe to delay a unpopular planned sales tax increase.
"An economic collapse and a sovereign debt default on the world's third-largest economy will contain massive economic ramifications on a global scale," said economist Michael Pento in a note. "China, Europe and the U.S. will also soon face the consequences."