Stocks Open Higher, GM Plans Stock Buyback

U.S. stocks opened slightly higher on Monday as Wall Street marks the sixth anniversary of the bull market. The Dow Jones Industrial Average lately added 70.48 points, or 0.39%, to 17,927.26. The S&P 500 gained 3.26 points, or 0.16%, to 2,074.52. The Nasdaq Composite was up 3.79 points, or 0.08%, to 4,931.16.

General Motors said it would buy back $5 billion in company stock this year as part of a negotiated settlement with
dissident investors led by a former member of the government’s auto task force.

McDonald’s (MCD) reported a horrific sales month for February, especially in the U.S., where same-store sales slumped 4%, a far-worse result than analysts had estimated. Overall, global comparable sales fell 1.7%.

Apple Inc Chief Executive Officer Tim Cook on Monday is expected to announce details of the first product developed under his leadership, a watch that Apple hopes will transform the market of wearable technology.

RTI International Metals (RTI), the titanium producer, agreed to be acquired by Alcoa Inc. (AA) in a stock deal valued at $1.5 billion. Under terms of the deal, RTI shareholders will receive 2.8135 Alcoa shares for each RTI share they own. Based on Friday’s closing prices, that represents a bid of about $41 per RTI share, or a 50% premium.

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