The S&P 500 and Nasdaq indexes rose to new highs in early trading on Monday.
Energy stocks led gains on the benchmark index amid a rally in crude oil. Oil jumped by as much as 2.5% after Saudi Arabia and Russia agreed that crude-oil output cuts should be extended into 2018.
Here’s the scoreboard:
- Dow: 20,985.33, +88.72, (0.42%)
- S&P 500: 2,402.38, +11.48, (0.48%)
- Nasdaq: 6,148.72, +27.48, (0.45%)
- WTI crude oil: $US48.85, +1.01, (2.1%)
- The biotech company Thermo Fisher Scientific has agreed to buy the drug-ingredients maker Patheon for $US7.2 billion. Thermo Fisher aims to enter what it describes as a high-growth market that helps companies deliver drugs to the market quicker and at lower costs.
- Sears tanked 12% after CEO Eddie Lampert took his feud with a top tool supplier public. In a blog post, Lampert threatened legal action against One World Technologies, a subsidiary of China-based Techtronic Industries that manufactures power tools and other products under the Craftsman brand.
- A major Tesla bull downgraded the stock to “equal weight” from “overweight.” Morgan Stanley’s lead auto analyst, Adam Jonas, said he thought Tesla would struggle to deliver its Model 3 mass-market vehicle in 2017.
- The City of Philadelphia sued Wells Fargo, accusing the largest US mortgage lender of intentionally steering minority borrowers into higher-cost home loans than it offered white borrowers. Philadelphia’s complaint faulted Wells Fargo’s “long history” of “redlining” in the city.
- Homebuilder sentiment is stronger than expected. The National Association of Homebuilders’ index rose to 70 from 68, and its gauge of future sales conditions hit its highest level since June 2005.
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