U.S. stocks moved higher on Monday as a major buyout lifted the market
Major U.S. benchmarks traded higher on Monday as the prospect of Monsanto’s buyout lifted the markets. German drug maker Bayer has bid more than 20% higher than Monsanto’s latest close, helping the seeds and chemical maker gain more than 5% in morning trade alone. In addition, Apple shares rose more than 1.5%, helping the Nasdaq Composite index outperform its counterparts with a 0.3% gain by mid-day. The Dow Jones Industrial Average added 0.12% while the S&P 500 remained relatively flat.
In the meantime, gold prices continued to retreat amid expectations for a U.S. interest rate hike by the Federal Reserve. The precious metal touched a 3-1/2-week low as investors anticipate a rate hike as soon as next month. Spot gold declined to $1,242.63 an ounce, the lowest price since late last month.
This week’s major economic data releases continue today’s German GDP and economic sentiment. U.S. housing data will also be released today, while U.S. oil supplies data will be available on Wednesday. UK GDP data will be published on Thursday, followed by U.S. durable goods later in the day. The week will conclude with U.S. GDP and comments from the Federal Reserve’s Janet Yellen on Friday. For the most important binary options news, stay updated with OptionsClick, the top binary options trading broker.