NEW YORK, Wall Street stocks rose early today, opening a holiday-shortened week on a positive note following major merger announcements in the luxury and online brokerage industries.
Investors also took stock of an official Chinese announcement strengthening intellectual property protections, which could help advance trade talks with the United States.
A party-backed news outlet said the two sides were “very close” to a deal.
Shares of Tiffany shot up 5.8 per cent after it agreed to be acquired by luxury giant LVMH for US$16.2 billion in a transaction that bolsters the French company’s position in the critical US market.
Meanwhile, TD Ameritrade climbed 2.6 per cent following an announcement that it will be bought by rival Charles Schwab in an all-stock deal valued at US$26 billion. Schwab fell 1.1 per cent.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 27,973.96, up 0.4 per cent.
The broad-based S&P 500 gained 0.5 per cent to 3,124.71, while the tech-rich Nasdaq Composite Index gained 0.8 per cent to 8,587.97.
This week’s calendar includes reports on consumer confidence for November and durable goods orders for October, as well as data on GDP and consumption. Markets will be closed Thursday for the Thanksgiving holiday. — AFP
