Wall Street Notched Record Peaks as Dealmaking Eyed

U.S. equities advanced to record peaks on Monday, supported by news of corporate dealmaking and as investors bet that a Republican plan to trim corporate taxes would buoy earnings.

The Dow Jones industrial average climbed 0.04 percent to 23,548.42, an all-time peak. The S&P 500 managed to hit a record peak, rising 0.13 percent to 2,591.13. The Nasdaq composite also ended at an all-time peak, adding 0.3 percent to 6,786.44.

Investor optimism was also spurred by a Republican proposal to lower the corporate tax rate to 20 percent from 35 percent and end some tax breaks for firms and individuals.

Qualcomm gained 1.15 percent after Broadcom offered to buy its fellow chip maker for $103 billion, in what could be the largest-ever acquisition in the tech sector. Shares of Broadcom rose 1.42 percent. Qualcomm's increase also helped the VanEck Vectors Semi ETF to notch an intraday record peak.

Advanced Micro Devices also bounced on dealmaking news.

Twenty-First Century Fox soared 9.93 percent after CNBC reported that the film and television conglomerate has held talks to sell most of the company to media giant Walt Disney Co. Shares of Disney climbed 2.02 percent.

Apple advanced 1.01 percent and contributed the most to the S&P 500 index's gains.

The S&P 500 energy index jumped 2.2 percent on gains in crude prices after the crown prince of Saudi Arabia, the world's biggest oil exporter, tightened his grip on power through an anti-corruption purge.

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