US stocks surge on pharma deals, China stimulus talk
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Wall Street stocks surged Monday on a string of pharmaceutical deals and speculation of more monetary stimulus in China.
The broad-based S&P 500 jumped 25.16 (1.22 percent) to 2,086.18, while the tech-rich Nasdaq Composite Index gained 55.54 (1.14 percent) to 4,946.76
US stocks were in the green all day after the S&P 500 shed 2.2 percent last week, falling four out of five days.
In the day`s biggest pharma deal, Catamaran jumped 23.9 percent to $59.87 after UnitedHealth announced it would buy the company for $61.50 a share in cash.
The deal will create the third-ranked pharmacy benefit manager -- the firms that manage prescription drug services between health insurers and insured patients. United Health gained 2.5 percent.
Equity markets were also cheered by comments from People`s Bank of China governor Zhou Xiaochuan that warned of disinflation and hinted at further monetary easing measures.
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