U.S. equities hit record highs on Monday as sentiment on Wall Street was lifted by news of corporate dealmaking.
The Dow Jones industrial average rose 9.23 points to 23,548.42, an all-time high. The Nasdaq composite also closed at an all-time high, rising 0.3 percent to 6,786.44. The S&P 500 managed a record high, finishing at 2,591.13, up 0.13 percent.
Broadcom offered to buy fellow chip maker Qualcomm for $103 billion. If completed, the deal would be the biggest in the history of the tech sector. Reports of a potential bid first surfaced on Friday.
Shares of Advanced Micro Devices also jumped on dealmaking news, while shares of Disney and 21st Century Fox also rose.
Qualcomm rose 1 percent while Broadcom rose 1.4 percent. Qualcomm's rise helped the VanEck Vectors Semi ETF (SMH) hit an intraday record high.
"Short term, this is a positive. A takeover by Broadcom would take some stock off the market," said Bruce Bittles, chief investment strategist at Baird. "Also, an offer like that suggests Broadcom feels pretty confident about its future."