U.S. stocks closed at record high on Monday, as Wall Street digested big news in tech industry as well as newly-released corporate earnings.
The Dow Jones Industrial Average inched up 9.23 points, or 0.04 percent, to 23,548.42. The S&P 500 added 3.29 points, or 0.13 percent, to 2,591.13. The Nasdaq Composite Index increased 22.00 points, or 0.33 percent, to 6,786.44.
Broadcom said on Monday that it offered to buy fellow chip maker Qualcomm for 70 U.S. dollar a share. If completed, the deal would be the biggest in the history of the tech sector.
Shares of Qualcomm rose 1.15 percent to close at 62.52 dollars a piece while shares of Broadcom increased 1.42 percent to close at 277.52 dollars apiece.
Meanwhile, Advanced Micro Devices (AMD) said on Monday that it designed a semi-custom graphics processor unit (GPU) that will be integrated into a new Intel multi-chip processor package.
Reports said AMD hopes to compete with Nvidia in the laptop gaming chip market by teaming up with Intel.
Shares of AMD jumped more than seven percent to trade at 11.90 dollars apiece after news came out.
Earnings season moved forward on Monday, with CVS Health, Michael Kors and Mylan among the companies that reported before the bell.
Overall, it has been a very solid earnings season. The latest data from Thomson Reuters showed that the S&P 500 companies' earnings in the third quarter of 2017 are expected to rise 7.9 percent year on year, while the revenues are forecast to increase 5.2 percent.
The Dow Jones Industrial Average inched up 9.23 points, or 0.04 percent, to 23,548.42. The S&P 500 added 3.29 points, or 0.13 percent, to 2,591.13. The Nasdaq Composite Index increased 22.00 points, or 0.33 percent, to 6,786.44.
Broadcom said on Monday that it offered to buy fellow chip maker Qualcomm for 70 U.S. dollar a share. If completed, the deal would be the biggest in the history of the tech sector.
Shares of Qualcomm rose 1.15 percent to close at 62.52 dollars a piece while shares of Broadcom increased 1.42 percent to close at 277.52 dollars apiece.
Meanwhile, Advanced Micro Devices (AMD) said on Monday that it designed a semi-custom graphics processor unit (GPU) that will be integrated into a new Intel multi-chip processor package.
Reports said AMD hopes to compete with Nvidia in the laptop gaming chip market by teaming up with Intel.
Shares of AMD jumped more than seven percent to trade at 11.90 dollars apiece after news came out.
Earnings season moved forward on Monday, with CVS Health, Michael Kors and Mylan among the companies that reported before the bell.
Overall, it has been a very solid earnings season. The latest data from Thomson Reuters showed that the S&P 500 companies' earnings in the third quarter of 2017 are expected to rise 7.9 percent year on year, while the revenues are forecast to increase 5.2 percent.
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