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Dow Jones Industrial Average

Last Updated at 13 Dec 2017, 20:59 GMT *Chart shows local time Dow Jones intraday chart
value change %
24585.43 +

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Caterpillar Inc.

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International Business Machines Corp.

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Nasdaq Index

6875.80 +

S&P 500 Cash Index - Chicago Mercantile Exchange

2662.85 -

(Close): Merger prospects and banking results paved the way for a sharp rise in US stocks on Monday.

Citigroup's second quarter results were better than anticipated, and the bank confirmed it will pay $7bn (£4bn) to settle charges it misled investors.

Two mergers are on the cards in the pharmaceutical sector.

The Dow Jones closed up 111.61 points to 17,055.42. The S&P 500 rose 9.53 points to 1,977.10 and the Nasdaq gained 24.93 points to end at 4,440.42.

Pharmaceuticals manufacturer, Mylan saw its shares rise 2.07% after it announced it was buying part of the generic-drugs division of Abbott Laboratories' in a deal worth $5.3bn (£3bn). Abbott's shares rose 1.26% in New York.

And US firm Abbvie is engaged in detailed talks to buy London-listed Shire. However, shares in Abbvie barely budged, closing down 0.20%.

The Citigroup settlement stems from the sale of securities made up of sub-prime mortgages, which were at the centre of the 2008 financial crisis. The bank's shares were up 3.02%.

Citigroup is the second major US bank to pay a settlement since an investigation into the lending during the subprime boom.