Stocks edge higher, continuing momentum from last week
Source: AP
By MARLEY JAY
NEW YORK (AP) — Stocks are inching higher Monday morning as the market builds on its biggest weekly gain of the year. Pfizer and Allergan slipped after announcing a deal to combine and create the largest drug company in the world.
KEEPING SCORE: The Dow Jones industrial average rose 14 points, or 0.1 percent, to 17,837 as of 11:07 a.m. Eastern time. The Standard & Poor's 500 index picked up four points, or 0.2 percent, to 2,093. The Nasdaq composite added 16 points, or 0.3 percent, to 5,121.
BIG DEAL: Pfizer, the maker of Viagra and Lipitor, plans to buy the Botox maker Allergan for about $155 billion, mostly in stock. That would be one of the largest corporate deals in history.
The New York-based company will gain new products that will help it counteract the expiration of the patents protecting some key drug. Pfizer will also relocate to Ireland as part of the deal, reducing its tax bill. The companies said last month that they were discussing a combination, and Allergan shares are up about 6 percent since then.
FULL story at link.
Trader Tommy Kalikas right, works on the floor of the New York Stock Exchange, Monday, Nov. 23, 2015. Stocks are opening slightly lower as the market loses momentum after logging its biggest weekly gain of the year. (AP Photo/Richard Drew)
Read more: http://bigstory.ap.org/article/bae7ec486cd94b93a9b667f8335c366c/stocks-edge-higher-continuing-momentum-last-week
