U.S. stocks climbed to record highs on Monday, helped by optimism about merger activity and a Republican tax cuts plan. Roselle Chen reports.
U.S. stocks climbed to record highs. Dealmaking in the chip sector lifted the Nasdaq after Broadcom offered to buy Qualcomm for $103 billion. Weighing on the Dow and S&P were shares of Sprint and T-Mobile. The two companies called off their planned merger. UBS Asset Management's Evan Brown. (SOUNDBITE) EVAN BROWN, CFA, DIRECTOR, ASSET ALLOCATION, INVESTMENT SOLUTIONS, UBS ASSET MANAGEMENT (ENGLISH) SAYING: "The markets still really digesting all the information we got last week. We had a lot of news. The House tax bill was released a new Fed chair Jay Powell, and we got the employment report. But, I think, what's most important is that, and, I think, the employment report really showed this, is that global growth continues to be really quite strong, and there's very little inflationary pressure out there in the market, so that means that there's a really constructive outlook for risk assets and equities in particular." Energy sector rose on gains in crude prices after the crown prince of Saudi Arabia tightened grip on power. Saudi Arabia is the world's largest oil exporter. Shares of Michael Kors jumped after the company raised its 2017 revenue forecast. Advanced Micro Devices were up on a report that it plans to team up with Intel to form a personal computer chip unit. In Europe, stocks were mostly down, but FTSE eked out a gain.