Mid-Afternoon Market Update: Dow Surges Over 400 Points; Amber Road Shares Spike Higher

Toward the end of trading Monday, the Dow traded up 1.70 percent to 24,602.71 while the NASDAQ climbed 1.52 percent to 6,979.15. The S&P also rose, gaining 1.45 percent to 2,657.51.

Leading and Lagging Sectors

Monday afternoon, the technology shares climbed 1.94 percent. Meanwhile, top gainers in the sector included

Ceragon Networks LtdCRNT

, up 12 percent, and

Glu Mobile Inc.GLUU

, up 12 percent. In trading on Monday, utilities shares rose by just 0.3 percent. Meanwhile, top losers in the sector included

Artesian Resources CorporationARTNA

, down 3 percent, and

SCANA CorporationSCG

down 3 percent.

Top HeadlineGeneral Dynamics CorporationGD

announced plans to buy

CSRA IncCSRA

for about $6.8 billion. General Dynamics said it will buy CSRA in a deal that values the stock at $40.75 per share, which marks a premium of more than 30 percent from Friday's closing price of $30.82.

Equities Trading UP CSRA Inc

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CSRA

shares shot up 31 percent to $40.40 after the company agreed to be acquired by

General Dynamics Corporation GD

for $40.75 per share in cash. Shares of

Amber Road IncAMBR

got a boost, shooting up 41 percent to $9.69. E2open proposed to acquire Amber Road for $10.50 per share in cash in a transaction valued at over $300 million.

Iconix Brand Group IncICON

shares were also up, gaining 27 percent to $1.59 following $110 million private exchange offer and reaffirmed FY18 outlook.

Equities Trading DOWN Sapiens International Corporation N.V.SPNS

shares dropped 13 percent to $10.24. Sapiens Intl narrowed its FY2017 sales guidance and issued a weak FY18 sales forecast. Shares of

Qumu CorpQUMU

were down 16 percent to $1.89 as the company issued a weak forecast for the fourth quarter and FY 2017.

Lumber Liquidators Holdings IncLL

was down, falling around 9 percent to $24.37. Wedbush downgraded Lumber Liquidators from Outperform to Neutral.

Commodities

In commodity news, oil traded up 1.45 percent to $60.06 while gold traded up 0.87 percent to $1,327.20. Silver traded up 2.52 percent Monday to $16.545, while copper rose 1.63 percent to $3.083.

Eurozone

European shares closed higher today. The eurozone's STOXX 600 surged 1.17 percent, the Spanish Ibex Index gained 1.36 percent, while Italy's FTSE MIB Index rose 0.77 percent. Meanwhile the German DAX climbed 1.45 percent, and the French CAC 40 rose 1.20 percent while U.K. shares rose 1.19 percent.