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Closing Update: Stocks Grind Higher on M&A Activity; Tyson Sweetens Bid for Hillshire

Stocks closed with small gains, just off all-time intraday highs hit Monday, as M&A activity fueled a fourth consecutive advance in the equity market. Multi-billion dollar acquisitions between Tyson Foods ( TSN ) and Hillshire Brands ( HSH ), Idenix ( IDIX ) and Merck ( MRK ) as well as Analog Devices ( ADI ) for Hittite Microwave (HITT) brought the Dow Industrials and S&P 500 closer to their key psychological levels of 17,000 and 2,000.

Tech shares outperformed most of the other sectors driving the Nasdaq Composite to an 11-week high, with gains led by shares of Apple (AAPL) after the 7 for 1 stock split priced the stock at a more affordable $92. In other corporate news, Time Warner (TWX) split off its magazine division with the debut of Time Inc (TIME) which kicked off trading at $22.55 per share.

In related markets, Treasury yields inched up another 2 basis points, oil jumped to $104 per barrel, and gold stayed below $1,260 for the sixth consecutive day.

Here's where the markets stand at the close:

US MARKETS

Dow Jones Industrial Index was up 18 points (0.1%) at 16,943

S&P 500 was up 1.8 points (+0.1%) at 1,951

Nasdaq Composite Index was up 14 points (+0.3%) at 4,336

GLOBAL SENTIMENT

FTSE 100 was up 0.24%

Nikkei 225 was up 0.31%

Hang Seng Index was up 0.73%

Shanghai China Composite Index was up 0.03%

UPSIDE MOVERS

(+) HITT Analog Devices ( ADI ) offers $78 per share for the company

(+) IDIX To be acquired by Merck ( MRK ) for $24.50 per share

(+) FDO Carl Icahn revealed a 9.4% active stake in the company

(+) ACFN Insider buying boosts stock

DOWNSIDE MOVERS

(-) GMCR Reverses Friday's gains tied to deal speculation

(-) RAD Seeking Alpha article expects more downside

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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