Stocks are holding steady in mid-morning action on Monday, preserving the modest gains posted at the start of trading. Wall Street is attempting to stabilize after a steady decline over the past few weeks, including a steep fall on Friday.
The market has been drifting lower since early May, with economic concerns spurring the recent selling. Friday's retreat took the Dow Jones Industrial Average below the 12,000 mark for the first time since mid-March.
Monday is seeing some mild bargain hunting, prompted by a wave of merger announcements.
The Dow briefly edged back above 12,000 early in the session, though it is hovering below that level now. The index is up 42.88 points, or 0.4 percent, to 11,994.79. The Nasdaq is climbing 7.76 points, or 0.3 percent, to 2,651.49. The S&P 500 is higher by 3.70, or 0.3 percent, to 1,274.68.
Among the deals that made news during the morning, Wendy's/Arby's Group (WEN) agreed to sell a majority of its Arby's fast-food chain to a private equity firm. Meanwhile, VF Corp. (VFC), owner of the North Face brand, reached a $2-billion deal to acquire hiking boot maker Timberland.
In another deal, Honeywell (HON) agreed to buy EMS Technologies Inc. (ELMG) for $491 million in cash. The purchase price of $33 a share is a 33 percent premium over the stock's closing price on Friday.
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