Stocks edge higher as investors consider deal news
NEW YORK (AP) — Stocks are closing slightly higher trading as investors consider the latest news on corporate deals.
Abbott Laboratories rose 1.5 percent after financial analysts cheered the medical device maker’s proposed acquisition of CFR Pharmaceuticals for nearly $3 billion.
Johnson Controls jumped 4.3 percent on news the company is forming a joint venture with China-based Yanfeng Automotive Trim Systems that will create the world’s largest maker of automotive interiors.
The Dow Jones industrial average rose 20 points, or 0.1 percent, to close at 16,511 Monday.
The Standard & Poor’s 500 index rose seven points, or 0.4 percent, to 1,885 and the Nasdaq composite rose 35 points, or 0.9 percent, to 4,125.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.54 percent.