S&P 500 nears record as big takeovers lift tech stocks
US stocks climbed toward all-time highs on merger announcements, with PTC leaping 34 per cent after Schneider Electric's $22.6 billion bid.
The S&P 500 added 0.6 per cent and pulled within 0.3 per cent of its all-time high set during summer. The Nasdaq jumped 0.9 per cent and was on track to set its own record.
PTC was Wall Street's biggest gainer, soaring 34 per cent after Schneider Electric agreed to pay $US205 per share in cash. Schneider Electric's bid helped lift prices for other stocks in the software industry, and Autodesk rose 5.6 per cent.
Truck brokerage company RXO jumped 21.9 per cent after C.H. Robinson Worldwide announced it would buy the business for $US30.25 per share.
The Australian sharemarket is set to open higher, with futures pointing to a 0.3 per cent rise.
- 34 per cent
- PTC gain
- $US22.6 billion
- Schneider Electric offer
- 0.3 per cent away
- S&P 500 proximity to high
- 0.9 per cent
- Nasdaq gain
Why it mattersTakeovers signal investor confidence, and momentum in US markets typically flows through to Australian shares and economic sentiment.
AustraliaThe ASX is expected to open higher, and Australian investors with US exposure will benefit from the market strength. The moves also affect Australian fund managers who hold these stocks.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
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