Markets close higher on merger news

The markets closed higher with the Dow gaining 67 points to 17,545 as investors embraced merger and acquisition news. Nasdaq climbed 43 points to 5,091.

On the upside

Bargain hunters lifted shares of Karyopharm Therapeutics (Nasdaq: KPTI).

Morgan Stanley upgraded Inphi (NYSE: IPHI) from an Equal Weight rating to an Overweight rating.

BMO Capital lifted its price target on J.C. Penney (NYSE: JCP) from $8 to $9.

On the downside

Investors locked in profits on YOU On Demand (Nasdaq: YOD).

Retreating crude oil prices weighed down shares of Linn (Nasdaq: LNCO).

Two settlements to class action lawsuits against PhotoMedix (Nasdaq: PHMD) were approved by the courts.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 climbed 10 points to 2,102. Bitcoin added $1 to $257.
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