U.S.
stocks edged higher, with the Dow Jones Industrial Average extending
its longest winning streak since October, while investors assessed a
rally that turned equities positive for the year.
Commodity
producers slipped and banks were little changed after bolstering the
rebound from the worst start to a year ever. Deal activity helped buoy
shares as Valspar Corp. surged after Sherwin-Williams Co. agreed to buy
the company for about $9.3 billion. Starwood Hotels & Resorts
Worldwide Inc. rallied after accepting an improved bid from Marriott
International Inc. Valeant Pharmaceuticals International Inc. added 7.6
percent after a board and management shakeup.
The
Standard & Poor’s 500 Index rose 0.1 percent to 2,051.55 at 4 p.m.
in New York, the highest since Dec. 30 after erasing losses for the year
on Friday. The Dow also added 0.1 percent.
The
S&P 500 staged one of the biggest turnarounds in history amid
rallying crude prices and optimism that monetary policy will continue to
support global growth. The gauge last week erased a loss that had
reached as much as 11 percent, spurred by a slower pace of rate
increases signaled by the Federal Reserve. Equities are heading for the
first monthly increase in four, after worries over China’s slowdown and
routs in oil and banks dragged them to their lowest levels since 2014.
Source: Bloomberg
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