(As of 7:25 am PST)
Stocks opened on a mixed note but have been trending
higher since, as investors waded through earnings reports and merger
announcements from some big name pharmaceutical and telecomm companies. Economic data is light, however a report on
pending home sales helped to boost sentiment early. Pending home sales rose more than expected,
up 3.4% in March – the first gain in nine months. Markets got a lift as soon as
the report was released at 7:00 am EST.
In company news, shares of Pfizer are up 3.5% as the drug company
confirmed it has submitted a merger proposal to AstraZeneca. Asian markets traded lower on the day while
Europe is slightly higher heading into the final hour of trading.
Russia-Ukraine tensions are still of major concern as the US announced
additional sanctions on Russia earlier this morning. Investors will be focused on earnings this
week as well as the FOMC meeting where the Fed is expected to announce the next
round of tapering.
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