(MENAFN- AFP) US stocks edged mostly higher in early trade Monday, with a record-breaking $160 billion drug merger deal between Pfizer and Ireland-based Allergan drawing attention.
Pfizer fell 2.6 percent to $31.35 after announcing it would buy Allergan to create the world's largest pharmaceutical company and move its headquarters to low-tax Ireland, throwing down a challenge to the US government's crackdown on corporate tax inversions. US-traded Allergan shares dropped 2.4 percent to $304.95.
After 45 minutes of trade, the Dow Jones Industrial Average was up 16.94 points, or 0.10 percent, at 17,840.75.
The broad-market S&P 500 advanced 3.45 (0.17 percent) to 2,092.62, while the tech-rich Nasdaq Composite lost 1.72 (0.03 percent) at 5,103.20. Apple slipped 0.1 percent after swinging between negative and positive territory.
"With the Thanksgiving holiday on Thursday, it will be an abbreviated week of trading and perhaps a week where a number of participants will simply observe from the sidelines. That could create some choppy trading behavior," said Patrick O'Hare of Briefing.com.
Oil majors resisted falling crude-oil prices. Dow members Chevron and ExxonMobil rose 0.8 percent and 0.3 percent, respectively.
Tyson Foods surged 8.3 percent after reporting fourth-quarter earnings and predicting another record year in fiscal 2016.
General Motors and Ford gained a lift after reaching contract agreements with the United Auto Workers union, up 1.3 percent and 0.8 percent, respectively.
GameStop shares crashed 13.8 percent after the video-game retailer announced a drop in third-quarter sales and lowered its full-year earnings forecast.
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