Wall Street rebounded on Monday, snapping a three-session losing run, paced by energy shares amid bets that any fallout from Friday’s terrorist assaults in the French capital Paris would have a limited economic impact.
At the close of trading, the Dow Jones Industrial (INDEXDJX:.DJI) had jumped 1.4% to 17,483 while the S&P 500 (INDEXSP:.INX) was up 1.5% at 2,053. The Nasdaq (INDEXNASDAQ:.IXIC) climbed 1.2% to 4,985.
The Nasdaq (INDEXNASDAQ:.IXIC) too climbed 1% to 4,976.
Coordinated attacks late Friday linked to Islamist radicals killed at least 129 people in seven locations in Paris, in Europe’s worst terrorist attack in at least a decade.
European markets shook off an early loss and ended mixed. Germany's DAX was flat, while France's CAC-40 slid 0.1%. Britain's FTSE 100 gained 0.5%.
Eight of the 10 sectors in the S&P 500 index advanced, led by telecom stocks.
Whilst European travel stocks were hit hard following Friday’s Paris attacks, on Wall Street hotel group Marriot (NASDAQ:MAR) provided the week’s first big M&A story.
Marriot has agreed to a $12.2bn merger with Starwood Hotels & Resorts (NYSE:HOT). The deal brings the premium Sheraton, Ritz Carlton and the Autograph brands together into the same group.
Marriot shares were up about 0.4% at $73.03.
Medical technology group CONMED (NASDAQ:CNMD) meanwhile was another highlight as it acquired SurgiQuest Inc, a privately owned company that makes systems needed for laparoscopic and robotic procedures.
CONMED shares gained 9.6% to $42.00.
Elsewhere, Clovis Oncology (NASDAQ:CLVS)shares lost more than two-thirds of their value after the FDA requested more clinical information relating to efficacy analysis for a lung cancer drug.
Clovis fell US$66, 66%, to trade this morning at US$32.85 per share.
In other corporate news, Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) reduced its stakes in Goldman Sachs Group (NYSE:GS) and Wal-Mart Stores (NYSE:WMT) to free up cash ahead of the completion of an acquisition.
Bershire's investment in Goldman shrank to 11mln shares as of September 30 from 12.6mln three months earlier. The investment in Wal-Mart fell to 56.2mln shares from 60.4mln.
The Omaha, Nebraska company agreed in August to buy aerospace-equipment maker Precision Castparts (NYSE:PCP) for more than $30bn. Bershire's class A shares fluctuated and were last up 0.1% at $198,100.00.