Stock market news, June 17, 2014: The Dow Jones Industrial Average rose marginally on Tuesday despite a swath of disappointing data including higher inflation and poor housing numbers. The fourth Federal Open Market Committee meeting of 2014 began this morning, though few clues about rate hikes or tapering will be seen until tomorrow morning.
- Stock Market Shrugs Off Poor Housing and Inflation Data Today
- The 8 Hot Stocks Starring in Today's M&A Mania
- What Today's Covidien Acquisition Means for Medtronic (NYSE: MDT) Stock
A burst of mergers and acquisitions dominated today's stock market news.
M&A activity year-to-date, driven by healthcare, pharmaceuticals, and telecommunications, has already topped $1 trillion. More billion-dollar deals were announced Monday in the healthcare and telecommunications sectors, as well as lucrative transactions in oil and tech.
Hot stocks today: Covidien Plc. (NYSE: COV) stock was up more than 28% this morning (Monday) following the announcement that medical-device maker Medtronic Inc. (NYSE: MDT) had acquired the company for $42.9 billion. MDT stock was up 4% in early trading, but has since pared those gains.
The deal was completed mainly for tax purposes, but that wasn't the only reason for the Medtronic acquisition.