M&A News Powers Market Higher

1:10pm (EST)

There were a number of mergers and acquisitions (M&A) that were announced this morning which has provided the momentum for the bulls to push higher. Some of the highlights include Ensco’s (ESV, $51.88, down $2.33) $7.3 billion purchase of Pride International (PDE, $39.81, up $5.42) and Danaher (DHR, $49.53, up $1.55) $6.8 billion marriage with Beckman Coulter (BEC, $82.50, up $7.33). Additionally, AOL (AOL, $21.71, down $0.23) paid $315 million to purchase the Huffington Post.

As far as economic news, the market will get an update on Consumer Credit in a couple of hours. This is considered a “light” economic report and measures monthly consumer debt but is released well after every other consumer spending indicator. For these reason, we don’t think there is any “headline” risk to the downside.

We have a lot going on with our option trades, we have just hit another triple-digit winner, and there are a few making strong moves today. We will be back in the morning with a full update.

As we head to press, the Dow is higher by 83 points to 12,175 while the S&P 500 is at 1322, up 11 points. The Nasdaq is showing a 26 point pop and was last seen at 2,795.

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M&A News Powers Market Higher

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