Stocks kicked off a pivotal week on an upbeat note, boosted by some blue-chip mergers and acquisitions news and a buoyant reading on consumer expectations.
Mostly, however, Monday was a "wait-and-see" session. After all, tomorrow's critical reading on inflation and an interest rate announcement from the Federal Reserve later this week are certain to shape where stocks go next.
The best Dow dividend stocks never go out of style, and on Monday two of them contributed to a big day for M&A news. Amgen (AMGN), which deserves a place in just about any portfolio of top biotech stocks, struck an agreement to buy Horizon Therapeutics (HZNP) for $28.3 billion, including debt. The biggest healthcare deal of 2022 gives Amgen control of Horizon’s treatments for rare autoimmune and inflammatory diseases, including Tepezza, a blockbuster drug for thyroid eye disease.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Meanwhile, Dow stock Microsoft (MSFT), which routinely ranks as a top stock pick for billionaires and hedge funds alike, struck a 10-year partnership deal with London Stock Exchange Group (LNSTY). The cloud-computing giant, which acquired a 4% stake in the bourse operator, will provide LSE with next-generation infrastructure, data and analytics.
In economic news, a survey by the Federal Reserve Bank of New York showed that regular folks are feeling better about both the future path of inflation and income growth. Consumers' expectations for inflation over the next one, three and five years decreased smartly, the NY Fed reported. At the same time, expectations for income growth reached a series high.
At the end of the day, markets finished the session with broad-based gains. The blue-chip Dow Jones Industrial Average added 1.6% to finish at 34,004, while the broader S&P 500 rose 1.4% to close at 3,990. The tech-heavy Nasdaq Composite gained 1.3% to reach 11,143.
November's Inflation Report: What to Expect
All eyes are on the last inflation report of 2022, slated for release before Tuesday's opening bell – and just a day before the Federal Reserve's final interest rate decision of the year.
A nasty upside surprise in CPI could complicate the central bank's calculus, and even send stocks into a tizzy. To get a sense of what the experts think about tomorrow's inflation report, have a look at what economists, strategists and other market pros have to say about the pending CPI print.
-
-
Stock Market Today: Stocks Waver as Government Shutdown Looms
Rising yields, higher oil prices and Washington's march toward its first shutdown since 2019 sapped risk appetite.
-
New California Gun and Ammo Tax Becomes Law: What to Know
Gun Taxes A new California gun control law doubles the tax on guns and ammunition purchased in the state.
-
Stock Market Today: Stocks Waver as Government Shutdown Looms
Rising yields, higher oil prices and Washington's march toward its first shutdown since 2019 sapped risk appetite.
-
Stock Market Today: Stocks Sink as Consumer Confidence Drops, Shutdown Looms
While today's selling was widespread, EV stocks Rivian and Fisker sizzled after receiving bullish analyst attention.
-
Stock Market Today: Mega-Cap Strength Keeps Stocks Above Water
The main benchmarks eked out increases Monday as several mega-cap stocks gained ground.
-
Stock Market Today: Stocks Lose Steam as Fed Hangover Lingers
Stocks attempted to bounce back from recent Fed-induced losses Friday, but struggled to stay higher through the close.
-
Stock Market Today: Stocks Head South as Treasury Yields Hit New Highs
Expectations for another potential rate hike sent yields on both the 2-year and 10-year Treasury bonds to their highest levels in almost two decades.
-
Stocks Close Lower After Hawkish Fed Pause
The major indexes finished in the red after the Federal Reserve kept interest rates unchanged, but left open the possibility of one more rate hike.
-
Stock Market Today: Stocks Drop Ahead of Fed Announcement, Klaviyo IPO
Instacart's successful IPO stood out in an otherwise down day on Wall Street.
-
Stock Market Today: Stocks Close Flat With Fed Meeting in Focus
A choppy session for stocks turned into a flat finish as investors looked ahead to Wednesday's Fed announcement.
