Stocks Opened Higher, Shrugged off Another Plunge in China

U.S. stocks opened higher on Monday, shrugged off a 5% plunge in Shanghai Composite and weakness in oil prices. The Dow Jones Industrial Average lately added 8.73 points, or 0.05%, to037%, to 4,642.42.

Chinese shares plunged Monday, close to their low reached during last summer’s crash, while authorities appeared to sit on the sidelines, overshadowing their recent moves to calm markets by steadying the yuan.

Oil prices fell for a sixth session to trade at almost 12-year lows on Monday. Traders increased bets against any near-term recovery in the oil price and Brent crude futures were down by 63 cents at $32.92 a barrel by 1200 GMT, off 15 percent in a week. U.S. West Texas Intermediate (WTI) crude futures fell 48 cents to $32.68.

Drugmaker Shire Plc (SHP.L) clinched its six-month pursuit of Baxalta International Inc (BXLT.N) on Monday with an agreed $32 billion cash and stock offer, catapulting it to a leading position in treating rare diseases.

Alcoa Inc. said it would announce a $1.5 billion long-term supply contract Monday with General Electric Inc.’s aviation unit, underscoring the aluminum producer’s efforts to offset difficult conditions in its raw-aluminum business.