New York: US stocks surged Monday as Berkshire Hathaway announced a $37.2 billion acquisition of Precision Castparts and petroleum-linked equities rose on higher oil prices.
At the closing bell, the Dow Jones Industrial Average was at 17,614.33, up 240.95 points (1.39 percent).
The broad-based S&P 500 jumped 26.55 (1.28 percent) to 2,104.12, while the tech-rich Nasdaq Composite Index advanced 58.25 (1.16 percent) to 5,101.80.
Berkshire`s agreed acquisition of Precision would give Warren Buffett`s conglomerate a maker of complex metal components for the aerospace, chemical processing and oil and gas industries.
Dow member Chevron jumped 2.5 percent, EOG Resources rose 3.4 percent and oil-services giant Halliburton plowed on 4.7 as oil prices rallied.
Mace Blicksilver, director of Marblehead Asset Management, said he was "not excited" by Monday`s gains, adding that stocks have been in "a very narrow range" and suffered declines last week.
