U.S. stocks powered up by merger flurry

NEW YORK (MarketWatch) -- U.S. stocks were trading higher on Monday, as positive momentum from a flurry of mergers, including a mega deal in the banking sector, offset bad news for Pfizer Inc. The Dow Jones Industrial Average was up 69 points at 12,262. Pfizer fell 11% after news it halted development of a once-promising cholesterol drug. But the impact on the blue-chip average was offset by a spate of mergers, especially news that Bank of New York Co. agreed to buy Mellon Financial Corp. to create a $43 billion giant ranked as the world's largest custodian of financial assets.
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