Investing.com -- U.S. stocks rose modestly on Monday reversing losses from one session earlier, amid a flurry of M&A activity.
The Dow Jones Industrial Average and the S&P 500 Composite index each rose more than 0.15%, while the NASDAQ Composite index also moved higher spurred by gains in pharmaceutical and biotech stocks following a wave of positive data at the nation's largest cancer conference over the weekend. The Dow gained 29.69 or 0.16% to 18,040.37, while the NASDAQ gained 12.90 or 0.25% paring earlier profits during a late sell-off.
The S&P 500, meanwhile, added 4.34 points or 0.21% to 2,111.73, as eight of 10 sectors closed in the green. Stocks in the Technology, Consumer Services and Health Care sectors led, while stocks in the Telecommunications and Energy industries lagged.
Shares in Intel Corporation (NASDAQ:INTC) moved lower after the California-based multinational semiconductor company announced the acquisition of programmable logic device maker Altera Corporation (NASDAQ:ALTR) in a $16.8 billion all-cash deal. Intel, the worst performer on the Dow, fell 0.56 or 1.61% to 33.91. Altera, the top performer on the NASDAQ and S&P 500, surged 2.83 or 5.79% to 51.68.
The top performer on the Dow was EI du Pont de Nemours and Company (NYSE:DD), which gained 0.58 or 0.82% to 71.59. Dupont finished just ahead of Microsoft Corporation (NASDAQ:MSFT), which rose 0.37 or 0.79% to 47.23, after the Wall Street Journal reported the tech giant has reached a deal to acquire German To-Do List startup company 6Wunderkinder. The deal is valued in between $100 and $200 million, according to the Wall Street Journal.
Altera Corporation (NASDAQ:ALTR) finished just ahead of American Airlines Group (NASDAQ:AAL), which gained 1.81 or 4.27% to 44.18. Delta Air Lines Inc (NYSE:DAL) also gained more than 3% on a strong session for airline stocks. The worst performer on the NASDAQ was Broadcom Corporation (NASDAQ:BRCM), which lost 1.39 or 2.44% to 55.47.
The worst performer on the S&P 500 was Genworth Financial Inc (NYSE:GNW), which lost 0.22 or 2.77% to 7.72.Wynn Resorts Limited (NASDAQ:WYNN) also fell 2.40 or 2.38% to 98.29, after receiving a "hold" rating from 25 brokerage firms covering the stock.
Shares in ImmunoGen Inc (NASDAQ:IMGN) shot up nearly 75% after the Waltham, Mass. biotech company presented positive data at the American Society of Clinical Oncology conference over the weekend in Chicago. Bristol-Myers Squibb Company (NYSE:BMY) also gained 1.88 or 2.91% to 66.48 after the FDA accepted its application for a combination melanoma treatment.