The nation's factory output increased in November to lift the markets to a higher open with the Dow climbing 36 points to 11,512. Nasdaq gained 13 points to 2641.
On the upside
Novartis (NYSE: NVS) will buy the 23% of Alcon (NYSE: ACL) that it does not already own by paying an increased price of $12.9 billion.
Shares of Cypress Bioscience (Nasdaq: CYPB) continued to rise after accepting Ramius' $6.50 per share cash acquisition offer.
Activist investor Carl Icahn's Icahn Enterprises offered $665 million in cash to purchase Dynegy (NYSE: DYN).
On the downside
While Broadcom (Nasdaq: BRCM) lifted its fourth quarter revenue outlook, the chip maker also warned of sequentially lower margins.
Invesco Mortgage Capital (NYSE: IVR) priced its offering of 8.7 million common shares at $22.30 per share.
The Macau Times reported that Macau revised its Land Law to require public tenders before land may be granted for casinos sending shares of Las Vegas Sands (NYSE: LVS) lower.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 point to 776.