NEW YORK: Wall Street stocks mostly rose early Tuesday, adding to records following major merger announcements in the energy and rail sectors as markets look ahead to a Federal Reserve decision on interest rates.
The mergers come in a busy news week that features earnings from tech giants and the Fed meeting.
Markets are also monitoring US trade talks with China after President Donald Trump announced a trade accord with the European Union on Sunday.
“The Fed and profits are probably key in the near term and that’s what investors are most likely going to be focusing on,” said CFRA Research’s Sam Stovall.
About 15 minutes into trading, the broad-based S&P 500 gained 0.2 percent to 6,401.42.
S&P 500, Nasdaq off records peaks as Wall St braces for high-stakes week
The tech-rich Nasdaq Composite Index climbed 0.5 percent to 21,273.15, while the Dow Jones Industrial Average dropped less than 0.1 percent at 44,818.77.
Both the S&P 500 and Nasdaq ended at records on Monday. Markets have been in a bullish mode, greeting benign US economic data as Trump’s trade accords avoid worst-case tariff outcomes.
Union Pacific announced it will be acquiring Norfolk Southern for $85 billion, creating a transcontinental railroad intended to boost freight rail efficiency.
Union Pacific rose 0.1 percent while Norfolk Southern fell 1.4 percent.
Oil services company Baker Hughes said it would acquire Chart Industries for $13.6 billion, adding assets in natural gas, data centers and decarbonization.
Baker Hughes dropped 2.3 percent while Chart surged 15.9 percent.
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