(MENAFN- ProactiveInvestors) U.S. stocks were higher in early trading Monday after big gains for markets last week with the S&P 500 logging its second best week in almost a year.
Futures on the three major US indexes were up between 0.1% and 0.3% premarket. The S&P 500 closed up just 5 points shy of a record high on Friday with the index up about 12% so far this year.
With the stock market closing early on Christmas Eve Wednesday and shut for Christmas Day investors will get a bunch of economic reports before then starting off with November existing home sales at 10:00am ET today. Economists are expecting a 1.1% drop to a seasonally adjusted annual rate of 5.2 million units.
In corporate activity Caesars Entertainment (NASDAQ:CZR) is buying affiliate Caesars Acquisition (NASDAQ:CACQ) in a $1.29 billion deal. The deal will better position Caesars Entertainment to restructure the $18.4 billion debt load of its largest unit.
Scripts () has announced that it will only cover AbbVie's (NYSE:ABBV) newly approved Hep C treatment Viekira Pak which received clearance from the FDA on Friday. The announcement will help AbbVie steal market share away from () and () which make blockbuster Hep C drugs.
(NYSE:APP) has adopted a new one year stockholder rights plan with a 10% trigger with each right entitling the holder to buy for $3.25 each a number of shares of the company's common stock or substantially equivalent securities having a market value of twice such price.
() is planning to withdraw its listing from the New York Stock Exchange and the Chicago Stock Exchange when it completes its merger with Alliance Boots. The combined company is planning to list on the Nasdaq under the ticker symbol "WBA".
() was down premarket after saying post-market close Friday that malware affected point-of-sale systems at 115 of its more than 1400 stores in August and September.
In world markets European stocks were higher at the time of writing benefiting from gains in energy companies as oil prices rose earlier today. Asian stocks also finished in the green on more stable crude oil prices and the Russian ruble after China stepped in to offer assistance to Russia saying it will prop up its neighbour if necessary and expand a currency swap between the two nations.
Oil prices fell back from gains this morning with crude for February delivery lately down 44 cents at $56.71 a barrel in electronic trading in New York amid strong signals that Saudi Arabia has no intention of cutting crude output. However Saudi Arabia made it clear it was confident that crude will rebound as global economic growth boosts demand.
Gold futures were flat at $1196 an ounce in New York.
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