Deal news gave the stock market a lift Wednesday.
Health care stocks rose after generic drugmaker Mylan bid $29 billion for rival Perrigo. That offset a slump in energy stocks prompted by a big drop in oil prices.
Corporations worldwide are seeking to increase growth through acquisitions and have announced almost $1 trillion of deals so far this year, according to data provider Dealogic. That’s giving a boost to stock markets as the acquiring companies typically offer a premium for their targets.
The Standard & Poor’s 500 index rose 5.57 points, or 0.3 percent, at 2,081.90. The Dow Jones industrial average was up 27.09 points at 17,902.51. The Nasdaq composite gained 40.59 points, or 0.8 percent, to 4,950.82.
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