U.S. stocks jumped on Monday, as optimism over merger activity helped Wall Street erase this year’s early weakness. The Dow Jones Industrial Average gained 103.84 points, or 0.64%, to end at 16,207.14. The S&P 500 rose 11.36 points, or 0.62%, to finish at 1,847.61. The Nasdaq added 29.56 points, or 0.69%, to close at 4,292.97.
Among merger and acquisition news, RF Micro Devices Inc agreed to buy TriQuint Semiconductor Inc for about $1.6 billion, while Men’s Wearhouse Inc raised its cash tender offer for rival men’s clothing retailer Jos. A. Bank Clothiers Inc to $63.50 per share from $57.50.
The Pentagon said on Monday it would shrink the U.S. Army to pre-World War Two levels, eliminate the popular A-10 aircraft and reduce military benefits in order to meet 2015 spending caps, setting up an election-year fight with the Congress over national defense priorities.
Facebook (FB) founder Mark Zuckerberg said the social network would take a pause from major acquisitions after spending $16 billion to buy messaging service WhatsApp.
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