US stocks edge up on pharma, apparel deals

Wall Street stocks edged higher in early trade Monday following news of another substantial pharmaceutical takeover and a merger in women's apparel.

About 35 minutes into trade, the broad-based S&P 500 was at 2,123.19, up a scant 0.46 point (0.02 percent) as it headed toward a third straight record peak.

The Dow Jones Industrial Average added 4.67 (0.03 percent) at 18,277.23, while the tech-rich Nasdaq Composite Index advanced 5.31 (0.11 percent) to 5,053.61.

Endo International announced a $8.05 billion acquisition deal for privately held US firm Par Pharmaceutical Holdings to strengthen its generic drugs business. The deal is expected to generate $175 million in savings within 12 months after the transaction is completed. Endo shares fell 2.4 percent.

Women's apparel company ANN, parent of chain Ann Taylor, surged 20.3 percent following news it will be acquired by Ascena Retail Group for about $2.2 billion. Ascena, which owns the Dressbarn and Lane Bryant chains, rose 2.9 percent.

Mastercard dropped 1.0 percent after Bloomberg reported that European Union antitrust regulators plan a complaint against the credit-card company over its fees on retailers.

Semiconductor company Altera jumped 5.6 percent following a report in the New York Post saying that it had resumed talks with potential acquirer Intel. Dow member Intel rose 0.2 percent.

The calendar has no major economic reports Monday, but the schedule this week includes minutes from the Federal Reserve's April monetary policy meeting and earnings from Wal-Mart Stores.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.20 percent from 2.14 percent Friday, while the 30-year advanced to 2.99 percent from 2.94 percent. Bond prices and yields move inversely.