US STOCKS-Wall St gains on merger activity; financials drag

lunes 28 de abril de 2014 10:31 GYT

(Updates to open)

* Forest Labs to buy Furiex for up to $1.46 bln

* Pfizer works on next move in takeover bid for Astrazeneca

* Obama announces new U.S. sanctions on Russia over Ukraine

* Indexes up: Dow 0.6 pct; S&P 0.3 pct; Nasdaq 0.2 pct

By Angela Moon

NEW YORK, April 28 (Reuters) - U.S. stocks rose on Monday, rebounding from the previous session's decline, amid a flurry of merger and acquisition activities in the pharmaceutical sector.

On the benchmark S&P index, financial stocks were the worst performers, with the sector down 0.5 percent. Bank of America shares were down 4 percent at $15.35 in early trading. JPMorgan Chase shares were down nearly 1 percent at $55.19 and Goldman Sachs fell 1 percent to $156.58.

Bank of America Corp said it would suspend a $4 billion stock buyback program and a planned increase in its quarterly dividend after it miscalculated the treatment of certain structured notes related to its acquisition of Merrill Lynch in 2009. The company also said it would resubmit its 2014 capital plan to the Federal Reserve.   Continuación...