Today 10:05 AM ET (MarketWatch)
By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose sharply on Monday, with triple-digit gains sending the Dow Jones Industrial average into record territory while the benchmark S&P 500 has topped its previous closing record.
Investor sentiment was boosted by rallies in Asian markets on Monday and deal news in the food industry.
The S&P 500 (SPX) rose 11 points, or 0.6%, to 1,889.87, hovering near its closing record level.
The Dow Jones Industrial Average (DJI) jumped 95 points, or 0.6%, to 16,675.91, setting an intraday high, after closing at a record level on Friday.
The Nasdaq Composite (RIXF) added 36 points, or 0.9%, to 4,107.52.
Follow MarketWatch's live blog of today's stock-market action.
The economic calendar is light on news Monday. A speech by Philadelphia Fed President Charles Plosser, scheduled for noon Eastern Time, might attract attention. Plosser is a voting member of the Fed policy committee this year.
Pinnacle Foods soars on deal news, Twitter up on upgrade
Shares of Pinnacle Foods Inc. (PF) surged 15% after Hillshire Brands Co said it agreed to buy the company for about $4.3 billion in a stock-and-cash deal. Shares of Hillshire Brands Co. (HSH) slid 6%.
Shares in Twitter Inc. (TWTR) rose 2% after SunTrust analysts upgraded the stock to buy from neutral and said the company could use monetization of assets to compensate for slowing user growth.
Pandora Media, Inc. (P) shares rose 3.3%, after MKM Partners lifted its rating on the Internet radio company to buy from neutral.
Gogo Inc.'s (GOGO) shares rose 6.9% after the communication-services provider that offers wifi on airplanes reported first-quarter results that beat expectations.
21st Century Fox Inc. (NWS) shares rallied 3.1% after British Sky Broadcasting Group PLC confirmed Monday it is in preliminary discussions to buy pay-TV units from the U.S. production firm.
After the market close, McKesson Corp. (MCK) is projected to report fourth-quarter earnings of $2.39 a share, according to a consensus survey by FactSet. Elizabeth Arden (RDEN) is forecast to break even on a per-share-basis in the third quarter.
Asian shares rally, oil rises on Ukraine worries
Chinese shares rallied in Asia on Monday, with banks posting some of the biggest advances, in what was partly a reaction to a new market-reform blueprint announced Friday by the State Council (China's cabinet). India shares rallied on hopes the election will bring in a more business-friendly government.
European stocks were also rising, shaking off the latest developments in Ukraine, where pro-Russian separatists in the country's east declared victory in a referendum on self-rule held Sunday.
Crude-oil futures (CLM4) rose after the referendum on Monday on sanction concerns, while metals also advanced across the board, with gold futures adding 0.9% to break through the $1,300 an ounce threshold.
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-Anora Mahmudova; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 12, 2014 10:05 ET (14:05 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
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