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US stocks edge up on pharma, apparel deals

New York - Wall Street stocks edged higher in early trade on Monday following news of another substantial pharmaceutical takeover and a merger in women's apparel.

About 35 minutes into trade, the broad-based S&P 500 was at 2 123.19, up a scant 0.46 points as it headed toward a third straight record peak.

The Dow Jones Industrial Average added 0.03% at 18 277.23, while the tech-rich Nasdaq Composite Index advanced 0.11% to 5 053.61.

Endo International announced a $8.05bn acquisition deal for privately held US firm Par Pharmaceutical Holdings to strengthen its generic drugs business. The deal is expected to generate $175m in savings within 12 months after the transaction is completed. Endo shares fell 2.4%.

Women's apparel company ANN, parent of chain Ann Taylor, surged 20.3% following news it will be acquired by Ascena Retail Group for about $2.2bn. Ascena, which owns the Dressbarn and Lane Bryant chains, rose 2.9%.

Mastercard dropped 1.0% after Bloomberg reported that European Union antitrust regulators plan a complaint against the credit-card company over its fees on retailers.

Semiconductor company Altera jumped 5.6% following a report in the New York Post saying that it had resumed talks with potential acquirer Intel. Dow member Intel rose 0.2%.

The calendar has no major economic reports Monday, but the schedule this week includes minutes from the Federal Reserve's April monetary policy meeting and earnings from Wal-Mart Stores.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.20% from 2.14% on Friday, while the 30-year advanced to 2.99% from 2.94%. Bond prices and yields move inversely.

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