U.S. stocks rose on Monday, lifting the S&P 500 and the Dow to record finishes, as technology shares surged and M&A activity helped brighten Wall Street's view of the economy.
Internet and biotechnology shares battered last week bounced back on Monday, with Twitter, Yahoo and Facebook among those rallying. TripAdvisor, Netflix and Biogen Idec were among the top gainers on the S&P 500.
Hillshire Brands said it would pay about $6.6 billion to purchase Pinnacle Foods, while the board of Allergan turned back an unsolicited offer from Valeant Pharmaceuticals International as significantly undervaluing the drug developer. And, Pfizer pushed its proposal to buy AstraZeneca for $106 billion, with Pfizer's head of research saying the acquisition would not hinder drug research.