FOX Business: Capitalism Lives Here
Wall Street edged up on Monday in light trading as market participants parsed through a hodgepodge of deal news and corporate earnings.
According to preliminary calculations, the Dow Jones Industrial Average climbed 38.1 points, or 0.23%, to 16446, the S&P 500 rose 6.8 points, or 0.37%, to 1872 and the Nasdaq Composite rose 26 points, or 0.64%, to 4122.
The broad S&P 500 zoomed higher by 2.7% last week in its best performance since last summer. The move came as traders snatched up equities that were beaten down in the prior week.
Monday was off to a quiet start, with European markets closed for Easter Monday.
Traders were focusing on a report from Japan, that showed the trade deficit in the world's third-biggest economy swelling to 1.7 trillion yen on a seasonally-adjusted basis, well higher than the 1.4 trillion figure economists expected. The larger deficit figure was driven by a surge in imports that was coupled with only a small increase in exports, according to Japan-based investment bank Nomura.
In corporate news, Pfizer (PFE) made a roughly $101 billion bid for British rival AstraZeneca (AZN), according to news reports. The reports suggested the offer was rejected. Halliburton (HAL) swung to a first-quarter profit. Netflix (NFLX) posts its quarterly results after the closing bell.
Elsewhere, U.S. crude oil futures fell 12 cents, or 0.12%, to $104.17 a barrel. Wholesale New York Harbor gasoline dipped 0.39% to $3.04 a gallon. Gold dropped $9.10, or 0.7%, to $1,285 a troy ounce.