S&P hits two-week high on strong earnings; M&A supports

The S&P 500 hit a two-week high on Monday on the back of strong earnings, while a flurry of acquisitions indicated corporate America continues to see untapped value in the market.

The Dow Jones industrial average rose 77.32 points, or 0.43 percent, to 18,223.03, the S&P 500 gained 10.17 points, or 0.47 percent, to 2,151.33 and the Nasdaq Composite added 52.43 points, or 1 percent, to 5,309.83.

The S&P 500 posted 18 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 110 new highs and 45 new lows.

About 5.8 billion shares changed hands in US exchanges, below the 6.4 billion daily average over the last 20 sessions.

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