Investing.com – U.S. stocks were higher after the open on Monday, amid increased merger-and-acquisition activity and despite worse-than-expected industry data on the U.S. housing sector.
During early U.S. trade, the Dow Jones Industrial Average was up 0.86%; the S&P 500 index gained 0.85% and the Nasdaq Composite index increased 1.25%.
Earlier in the day, the National Association of Home builders said its housing market index remained at 13 in September.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 indicates a favorable outlook on home sales, below indicates a negative outlook.
On the merger-and-acquisition front, shares in data storage manufacturer Netazza Corp. soared 12.24%, after computer maker IBM said it was purchasing the company for approximately USD 1.7 billion. Following the news, shares in IBM gained 0.40%.
In earnings news, shares in homebuilder Lennar Corp. jumped 5.29%, after the company reported better-than-expected third quarter profits. The fourth-largest U.S. homebuilder said it had wider margins on house sales and growing revenue at its distressed-investing unit.
Elsewhere, shares in Verizon Communications rose 0.38%, after the communications services provider named the current head of its wireless-unit Lowell McAdam as president and chief operating officer.
Across the Atlantic, European stock markets were up: France’s CAC 40 gained 1.43%; Germany's DAX increased 1.06%; Britain's FTSE 100 rose 1.54%; and the EURO STOXX 50 was up 1.24%.
Earlier Monday, a preliminary Bank of England report showed that U.K. mortgage approvals fell more-than-expected in August, hitting their lowest level in 17 months.
During early U.S. trade, the Dow Jones Industrial Average was up 0.86%; the S&P 500 index gained 0.85% and the Nasdaq Composite index increased 1.25%.
Earlier in the day, the National Association of Home builders said its housing market index remained at 13 in September.
Analysts had expected the NAHB housing market index to rise to 14 in September. A level above 50 indicates a favorable outlook on home sales, below indicates a negative outlook.
On the merger-and-acquisition front, shares in data storage manufacturer Netazza Corp. soared 12.24%, after computer maker IBM said it was purchasing the company for approximately USD 1.7 billion. Following the news, shares in IBM gained 0.40%.
In earnings news, shares in homebuilder Lennar Corp. jumped 5.29%, after the company reported better-than-expected third quarter profits. The fourth-largest U.S. homebuilder said it had wider margins on house sales and growing revenue at its distressed-investing unit.
Elsewhere, shares in Verizon Communications rose 0.38%, after the communications services provider named the current head of its wireless-unit Lowell McAdam as president and chief operating officer.
Across the Atlantic, European stock markets were up: France’s CAC 40 gained 1.43%; Germany's DAX increased 1.06%; Britain's FTSE 100 rose 1.54%; and the EURO STOXX 50 was up 1.24%.
Earlier Monday, a preliminary Bank of England report showed that U.K. mortgage approvals fell more-than-expected in August, hitting their lowest level in 17 months.