U.S. stocks opened higher on Wall Street to begin the week.
Stocks around the world got a boost as President Trump backed away from his plan to slap a 5 percent tariff on Mexican goods late Friday night after the nation agreed to enforce a tougher stance on immigration and purchase more agricultural goods from the U.S.
In deal news over the weekend,
United Technologies and defense contractor Raytheon agreed to merge in an all-stock deal described as a “merger of equals,” the companies announced on Sunday, creating a company with $74 billion in annual sales.
|UTX||UNITED TECHNOLOGIES CORPORATION||129.27||-2.88||-2.18%|
The new company will be named Raytheon Technologies Corporation. Currently, United Technologies has a market value of $114 billion while Raytheon’s is about $52 billion.
|I:DJI||DOW JONES AVERAGES||26150.13||+166.19||+0.64%|
|I:COMP||NASDAQ COMPOSITE INDEX||7863.134993||+121.03||+1.56%|
China’s imports fell the most in nearly three years, another sign of weakening domestic demand that may prompt China to increase stimulus measures.
May imports were much weaker than expected, falling 8.5 percent, the sharpest drop since July 2016. That left the country with a trade surplus of $41.65 billion for the month. Analysts had forecast imports would fall 3.8 percent,
Chinese markets closed higher to start the week with the Shanghai Composite added 0.9 percent. Hong Kong’s Hang Seng rose 2.3 percent. Japan’s Nikkei ended the day rising 1.2 percent to a 2-week high.
In Eurpean markets, Britain’s FTSE 100 was up 0.6 percent, France’s CAC 40 climbed 0.3 percent and German markets were closed for a holiday.