Stocks were modestly higher on Monday, led by a rally in tech driven by the acquisition of ARM Holdings (ARMH) .
The S&P 500 was up 0.25%, the Dow Jones Industrial Average gained 0.19%, and the Nasdaq added 0.56%.
The Dow was on track to secure a new all-time closing high after reaching records on Friday. Stocks have enjoyed a stretch of record-breaking days after a better-than-expected U.S. jobs report for June brought relief over the state of the U.S. economy. A dismal May reading had triggered fears over growth.
ARM Holdings surged 43% Monday after agreeing to a buyout from SoftBank (SFTBF) . Japan's SoftBank offered a deal worth more than 24.3 billion pounds ($32.1 billion), roughly a 43% premium to ARM's Friday close. The acquisition is the biggest in the U.K. since AB InBev and SABMiller's deal last November.
Other large-cap tech companies were on the upswing including Apple (AAPL - Get Report) , Alphabet (GOOGL - Get Report) , Microsoft (MSFT - Get Report) and Facebook (FB - Get Report) . The Technology Select Sector SPDR ETF (XLK - Get Report) rose 0.64%.
Investors appeared to shrug off an attempted coup in Turkey over the weekend that resulted in hundreds of deaths. Since then, nearly 8,000 police officers have been suspended on suspicion of having links to the attempt. President Recep Tayyip Erdogan has promised to rid the country of the "virus" that fueled the attempt.
Turkish companies with U.S.-listed shares were plummeting on Monday. Istanbul-based telecom Turkcell Iletisim Hizmetleri (TKC - Get Report) plummeted more than 5%, bank Akbank (AKBTY) slid 3%, and the iShares MSCI Turkey ETF (TUR - Get Report) tumbled nearly 7%.
Bank of America (BAC - Get Report) rose 2.2% on Monday after exceeding analysts' low-ball estimates in its recent quarter. As expected, a low interest-rate environment continued to eat into profitw. The North Carolina bank earned 36 cents a share over the quarter, less than 45 cents in the year-ago period but above estimates of 33 cents. Trading revenue bounced back, climbing 12% to $3.7 billion.
Hasbro (HAS - Get Report) beat earnings estimates in its recent quarter on strength in demand for its Star Wars and Frozen toys. Its girls toys segment generated a 35% increase in sales, driven by its Disney Princess and Frozen doll lines. Hasbro's Disney license, which it secured in 2014, has proven a boon to its top- and bottom-lines. Overall revenue rose 10%, or 12% excluding currency exchange. The stock fell, however, fell 7%.
Charles Schwab (SCHW - Get Report) fell 0.7% after besting expectations in its second quarter. The financial institution earned 30 cents a share over the quarter, a dime higher than the year-ago period. Revenue rose 17% to $1.83 billion, coming in above forecasts of $1.8 billion.
Yahoo! will be closely watched for an update on its plan to break itself apart for sale. The company has explored strategic alternatives, including the sale of its core Internet business, since the beginning of the year with potential suitors including AT&T and Verizon .
Homebuilder sentiment weakened in June, though only slightly, according to the National Association of Home Builders' index. The measure declined to 59 in July after a stable four months. Economists had expected no change this month. Still, the reading remains above the 50-level indicative of expansion in the sector.
Burlington Stores (BURL - Get Report) increased 6% on Monday after raising its second-quarter guidance. The retailer expects quarterly comparable sales to rise 4.2% to 4.5%, up from a previous range no higher than 3.5%. Adjusted net income is expected to come in between 28 cents and 30 cents a share, higher than its previous forecast of 20 cents to 23 cents a share.
Groupon (GRPN - Get Report) was upgraded to overweight fro neutral with a $6 price target at Piper Jaffray. The firm expects the online deals site to exceed expectations with its customer ramp-up. The stock rose 10.3%.