Mergers and China rate cut talk get stocks to new records
5:58pm EST - 01:57
U.S. stocks once again closed at all-time highs, after a series of mergers, and an exclusive Reuters report that China is ready to cut rates again. Bobbi Rebell reports.
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Stock indices extended their run of hitting record highs. Energizing stocks: a series of mergers and a Reuters exclusive report that China is ready to cut interest rates again.
But given their quick sharp run up, Russell Investments' chief market strategist Stephen Wood doesn't expect stocks to move much higher over the next six weeks
SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS (ENGLISH) SAYING:
"There could be some chop between now and the end of the year, but right around here would be reasonable expectations of where markets are going to end."
Tesla shares revved up on a report by a German weekly that it's in talks with BMW to possibly work together on batteries, charging stations and parts. This comes one month after BMW's German archrival Daimler sold its stake in Tesla. BMW and Daimler both rose.
Intel helped push up the Nasdaq. Helping push up Intel: The financial weekly, Barron's, predicts a 30 percent increase could be in the cards for the chip maker over the next two years.
United Technologies and Merck weighed on the Dow. CEO Louis Chenevert suddenly and immediately retired but the company left Wall Street guessing as to why. Merck said it's buying the global rights to sell NewLink Genetics' Ebola vaccine.
Nuptials for reinsurers in Bermuda on this merger Monday: RenaissanceRe is buying Platinum Underwriters for about $1.9 billion, and that catapulted Platinum's shares.
Investors picked up shares of Propensa after BioMarin Pharmaceuticals said it's purchasing the Dutch drug developer for about $840 million. And 3D printer maker 3D Systems is dishing out $97 million for design software maker Cimatron. That turbocharged Cimatron's stock.
Euro zone shares had their biggest two-day rally in 17 months, fueled by expectations of more monetary stimulus and positive German data.
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