Relentless M&A News Continues To Drive Stocks

I apologize for the lack of posts lately. I have been in and out of meetings, and busy with general office stuff.

The market continues its non-stop acension, with the S&P 500 again trying to close at a new high. This morning there was a slew of M&A news. Alcan (AL) rejected Alcoa's (AA) hostile bid, and is in talks with BHP. Morgan Stanley (MS) is paying $6.5 billion for Crescent Real Estate (CEI), and Payless ShoeSource (PSS) said it is paying $800 million for Stride Rite (SRR), pushing the stock +30% higher.

On the earnings front, Boeing (BA) reiterated guidance. Medtronic (MDT) beat estimates, and the stock is up +6%. And Target (TGT) reported good earnings, and that stocks is also up +4%.

Asian markets were mixed overnight. Oil is up slightly, to $65.75, and bond yields are steady, with the 10-year yield at 4.83%.