Corporate consolidations lifted the markets higher during the midday with the Dow rising 49 points to 17,527. Nasdaq gained 34 points to 5,082.
On the upside
Arch Coal (NYSE: ACI) extended its private debt exchange offer.
RA Capital Management increased its stake in Achillion Pharmaceuticals (Nasdaq: ACHN) to approximately 9.95 million shares.
Zacks Equity Research suggested that Esperion (Nasdaq: ESPR) was poised for a breakout.
On the downside
Profit taking weighed down shares of Energy Focus (Nasdaq: EFOI).
Investors continued to lock in profits on Eleven Biotherapeutics (Nasdaq: EBIO).
DS Healthcare Group (Nasdaq: DSKX) will pay approximately $36.5 million in cash and stock to acquire WR Group.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 9 points to 2,100. Bitcoin edged up a fraction to $256.
M&A activity lifts markets
August 17, 2015 at 15:20 PM EDT