US stocks are rising Monday in a continuation of their see-saw pattern of recent days. Chemical and mining companies are making the largest gains and energy companies are climbing with the price of oil.
Despite mixed reports on the health of the economy and a decline in corporate earnings, investors took a more relaxed view on risks. They sold traditionally safe investments including utility stocks and government bonds. In afternoon trading all three indexes were on track to close at record highs.
Real estate investment trust Mid-America Apartment Communities will buy competitor Post Properties for about $3.9 billion in stock. Both companies own large numbers of rental properties, and demand for rentals has boomed in recent years because many people are being priced out of the housing market.
The deal values Post Properties at about $72.53 a share based on Friday’s closing prices. The stock rose $5.68, or 9.1 per cent , to $67.90 and Mid-America stock lost $5.23, or 5.1 per cent , to $96.92.
Water and wastewater treatment company Xylem announced a $1.7 billion deal for Sensus, a company that provides smart meters, network technology, and analytics used by water, electric and gas industries. Xylem stock advanced $1.89, or 3.9 per cent , to $50.34.
Japan’s economy grew at a lower-than-forecast 0.2 per cent pace in the April-June quarter, as private demand and exports remained weak. That could push the Bank of Japan to take additional steps to stimulate the national economy. The bank approved a new stimulus package earlier this month, but that wasn’t enough to please investors.