Dell Buys EMC in Record-Breaking Tech Deal
The bond market may have been kicking its feet up, but the stock market certainly wasn't on holiday Monday. The Dow gained 47 points, closing higher for the seventh day in a row to mark its longest winning streak of 2015. The S&P closed up 2 points, and the Nasdaq up 8 points.
In a sign of investor optimism, the Vix closed at its lowest in almost two months. The so-called Wall Street fear gauge is also down for a 10th straight session, which hasn't happened in six years. Sometimes though, that's a signal investors are too complacent.
A mover in the tech world on the back of the industry's biggest deal ever; shares of EMC (NYSE:EMC) closed higher after Dell (NASDAQ:DELL) bought the data storage provider for $67 billion or $33.15 per share. It's a move that will transform the PC giant into a major player in the more profitable business of data storage.
Some breaking news on Volkswagen Monday -- it's hitting the big screen! Shares closed higher by more than 7%. Paramount Pictures, in conjunction with Leonardo DiCaprio, will produce a movie about the emissions scandal involving VW rigging software to beat EPA tests.
A slew of names hit new lifetime highs Monday including Nike (NYSE:NKE), Starbucks (NASDAQ:SBUX), Tyson Foods (NYSE:TSN) and Dr Pepper Snapple Group (NYSE:DPS), suggesting some bullish momentum in the consumer and industrial sectors.