NEW YORK (CNNMoney) -- Investors started the week in high spirits Monday, welcoming several major mergers as signs that Big Business is more bullish about the economy.
"Investors are coming in with the attitude, if these business leaders are confident enough to buy other companies, then I'm confident enough to buy stocks," said Jack Ablin, chief investment officer with Harris Private Bank in Chicago.
Shares of Pride and Beckman Coulter both surged Monday, following the news.
Investors welcomed the Danaher-Beckman Coulter deal as a strong sign for the biomedical industry. Danaher's $5.8 million offer valued Beckman Coulter at a 45% premium.
"We haven't seen too many health care deals, particularly ones done at a premium to market value," Ablin said. "Perhaps this could be a spark to get that sector moving."
Economy: In a speech to more than 200 members of the U.S. Chamber of Commerce Monday, President Obama made the case for ramping up spending on education and infrastructure to promote economic growth. The speech is seen as another sign of the thawing relationship between the administration and business community.
A report by the Federal Reserve showed consumer credit rose more than expected in December, climbing by a seasonally adjusted $6.1 billion in December, after increasing by $2 billion the previous month.
Companies: In addition to some major deals, company earnings were also market movers.
Humana (HUM, Fortune 500) fell 3.1% after the health benefits provider reported fourth-quarter earnings that missed analysts' expectations. The company said it earned 63 cents per share, versus a forecast of 81 cents.
Hasbro (HAS) said its fourth-quarter earnings fell to 99 cents per share from $1.09 a year ago, but its shares rose 1.9%.
U.S.-listed shares of Nokia (NOK) were up 2.1% following reports that a management shake-up is brewing at the Finnish cellphone company.
World markets: European stocks finished the day higher. Britain's FTSE 100 ticked up 0.9%, the DAX in Germany rose 0.9% and France's CAC 40 gained 1.1%.
In Asia, Japan's Nikkei ended nearly 0.5% higher, while the Hang Seng in Hong Kong slipped 1.5%. Shanghai remained closed for lunar new year celebrations.
Oil for March delivery fell $1.55 to settle at $87.48 a barrel.
Gold futures for April delivery fell 80 cents to settle at $1,348.20 an ounce on the Chicago Mercantile Exchange.
Three-month copper futures hit $10,160 per ton on the London Metal Exchange, a record high.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.65% from 3.58% late Friday.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.01%||4.01%|
|15 yr fixed||3.18%||3.18%|
|30 yr refi||4.02%||4.01%|
|15 yr refi||3.19%||3.19%|
Today's featured rates:
Exxon, Chevron and other large oil stocks have been market dogs this year. But money managers think now's the time to buy energy stocks. OPEC cuts, Trump's support of the industry and higher demand could boost crude prices. More
Four top Democratic senators are raising alarm over steps taken by President Trump's pick to lead the SEC to curb the agency's ability to launch probes of financial misconduct. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Millennials have a great opportunity to ensure themselves a fabulous (and fully funded) retirement. More