Toward the end of trading Monday, the Dow traded up 0.64 percent to 20,583.90 while the NASDAQ rose 0.59 percent to 5,839.36.
The S&P also rose, gaining 0.60 percent to 2,342.95.
Leading and Lagging Sectors
Monday afternoon, the financial sector proved to be a source of strength for the market. Leading the sector was strength from
Banco Bradesco SA (ADR) (NYSE: BBD) and Gafisa SA
(ADR) (NYSE: GFA).
In trading on Monday, healthcare shares rose by just 0.15 percent. Meanwhile, top losers in the sector included Incyte
Corporation (NASDAQ: INCY), down 11 percent, and
Tenet Healthcare Corp (NYSE: THC), down 9 percent.
Top Headline
China's Ant Financial raised its bid for Moneygram International Inc (NASDAQ: MGI) by 36 percent to $18 per share in cash.
The offer surpassed a bid from Euronet for $15.20 per share.
Equities Trading UP
Cleveland BioLabs, Inc. (NASDAQ: CBLI) shares shot
up 117 percent to $3.38. Cleveland BioLabs reported the start of in vivo biocomparability study and announced the European
Medicines Agency positive opinion regarding the entolimod pediatric investigation plan.
Shares of MOCON, Inc. (NASDAQ: MOCO) got a boost,
shooting up 37 percent to $29.70 after AMETEK, Inc. (NYSE: AME) announced plans to buy MOCON at $30 per share in cash.
Alere Inc (NYSE: ALR) shares were also up, gaining 16
percent to $49.10. Abbott Laboratories (NYSE: ABT)
agreed to buy Alere for $51 per share, versus its earlier offer of $56 per share.
Equities Trading DOWN
Vince Holding Corp (NYSE: VNCE) shares dropped 21
percent to $1.02. Vince reported a delay in fiscal 2016 10-K filing.
Shares of Skyline Corporation (NYSE: SKY) were down
around 27 percent to $6.18. Skyline posted a Q3 net loss of $2,447,000, or $0.29 per share, versus year-ago net loss of $520,000 or
$0.06 per share.
Oncomed Pharmaceuticals Inc (NASDAQ: OMED) was
down, falling around 18 percent to $3.99 as the company disclosed that its Phase 2 trial of tarextumab did not meet endpoints.
OncoMed also reported that it will discontinue enrollment in Phase 1B clinical trial of brontictuzumab. Piper Jaffray downgraded
OncoMed from Overweight to Neutral.
Commodities
In commodity news, oil traded down 1.07 percent to $52.61 while gold traded down 0.07 percent to $1,287.60.
Silver traded down 0.32 percent Monday to $18.45, while copper rose 1.11 percent to $2.599.
Economics
The Empire State manufacturing index declined to 5.20 in April, versus a prior reading of 16.40. Economists were expecting a
reading of 15.00.
The NAHB housing market index dropped 3 points to a reading of 68 in April.
The Treasury International Capital data for February is schedule for release at 4:00 p.m. ET.
Federal Reserve Vice Chairman Stanley Fischer is set to speak in New York City at 5:00 p.m. ET.
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