Stocks Rise on Oil Price Jump; U.S. Steel Surges on Acquisition News
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Stocks rose Monday, with the Nasdaq gaining 0.6% and the S&P 500 up 0.5%, as oil prices increased amid shipping disruptions in the Red Sea.
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Shares of U.S. Steel jumped nearly 30% after agreeing to be acquired by Japan's Nippon Steel for $14.9 billion.
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Adobe stock rose after calling off its planned $20 billion acquisition of Figma following resistance from EU and U.K. regulators.
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Illumina said it will divest itself of cancer test developer GRAIL after failing to get regulatory approval for the $8 billion deal.
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Investors are focused on key housing and inflation data this week, especially Friday’s PCE inflation report, as stocks aim for an eighth straight weekly gain.