Global equity markets edged higher on Monday as Wall Street rose on Internet and healthcare stocks, while declining yields on government debt also initially provided U.S. equities a lift.
Pfizer’s failed bid for AstraZeneca weighed on European shares earlier in the session, with the British drugmaker the biggest drag on the FTSE 100 .FTSE in London and the pan-regional FTSEurofirst 300 index .FTEU3.
But Pfizer rebounded on the failed bid. At one point, it was the second-largest contributor to gains in the S&P 500 index, after Apple. Pfizer rose 0.5 percent at $29.28 a share, while AstraZeneca closed down 11.1 percent in London.
The Dow Jones industrial average .DJI closed up 20.55 points, or 0.12 percent, to 16,511.86. The S&P 500 .SPX gained 7.22 points, or 0.38 percent, to 1,885.08 and the Nasdaq Composite .IXIC added 35.227 points, or 0.86 percent, to 4,125.815.