Stocks Opened Flat, Oil Hit 2-year High

U.S. stocks opened flat on Monday as investors digested a proposal by chip-maker Broadcom for rival Qualcomm and crude-oil prices nearing a 2-year high. The Dow Jones Industrial Average lately gained 0.26 points, to 23,539.45. The S&P 500 was up 0.19 point, or 0.01%, to 2,588.03. The Nasdaq Composite added 13.65 points, or 0.20%, to 6,778.09.

Chip maker Broadcom Ltd on Monday announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion. Broadcom said Qualcomm shareholders would get $60 in cash and $10 per share in Broadcom shares in a deal. Including debt, Broadcom’s bid values the transaction at $130 billion.

Oil prices hit their highest since July 2015 on Monday as Saudi Arabia’s crown prince cemented his power over the weekend with an anti-corruption crackdown. Brent crude futures were trading 47 cents higher at $62.54 a barrel by 1339 GMT. U.S. West Texas Intermediate (WTI) crude rose 34 cents to $55.98 a barrel.