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New York / AFP
Wall Street stocks rose early on Tuesday, lifted by merger announcements, including Canadian pipeline company Enbridge’s acquisition of Spectra Energy in an all-stock deal valued at $28 billion.
The Enbridge deal will create an network of oil and gas pipelines serving most of Canada and the United States. Spectra surged 10.7 percent, while Enbridge advanced 4.2 percent.
About 30 minutes into trade, the Dow Jones Industrial Average stood at 18,510.52, up 0.1 percent.
The broad-based S&P 500 gained 0.1 percent to 2,181.59, while the tech-rich Nasdaq Composite Index added 0.3 percent at 5,263.09.
General Electric slipped 0.6 percent after announcing $1.4 billion in 3D printing acquisitions. 3D printing companies Stratasys and 3D Systems rose 6.0 percent and 5.2 percent, respectively.
Monsanto rose 0.2 percent on news German pharmaceutical group Bayer raised its bid for the US company to almost $66 billion. Monsanto said it was “engaged in constructive negotiations” with Bayer. Twenty-First Century Fox fell 1.2 percent after announcing it settled a lawsuit with former anchor Gretchen Carlson, who had alleged she had suffered sexual harassment at Fox News. Amid media reports Fox will pay her $20 million, the company said it regretted that Carlson “was not treated with the respect and dignity that she and all of our colleagues deserve.”
Truck maker Navistar soared 62.3 percent on news that Volkswagen bought a 16.6 percent stake in the company for $256 million. Volkswagen plans to launch a technology and supply chain venture with the US company.
Healthcare diagnostics company Cepheid rose 52.1 percent after it agreed to be bought by Danaher for about $4 billion. Danaher dipped 0.8 percent.