Shares of technology companies rose as traders chased recent gains in the sector, encouraged by deal activity.
"Some of the stocks that have bounced back the most, your small caps, and your financials, are taking a tad of a back seat back to the earlier leaders this year, with large-cap tech taking the baton today," said Ryan Detrick, chief market strategist at financial consultancy Carson Group.
In recent weeks, smaller tech stocks and other sectors have closed the performance gap on mega-cap tech stocks, according to Detrick and others. "You have to be encouraged by a lot more participation than earlier this year when it was only 7 stocks," said Detrick.
"There's a broadening out that's taken place the last seven weeks, and that's a very healthy sign."
IBM shares rose after the company said it will buy German software company Software AG's webMethods and Streamsets units for about $2.32 billion.
Apple shares slipped after the gadget giant reportedly took steps to halt sales of its smartwatch in the coming days in compliance with a U.S. import ban ordered by a federal trade agency that found the company violated patents of a competitor.
Software maker Adobe called off its planned $20 billion acquisition of the collaboration-software company Figma, weeks after a U.K. regulator warned that the deal would likely harm innovation.
Jeff Bezos' space company Blue Origin is set to return to flight after a 15-month delay, seeking to revive its efforts to take high-paying tourists to orbit.
Trevor Milton, founder of much-hyped electric truck maker Nikola, was sentenced to four years in prison for defrauding investors by lying about technological breakthroughs his company had made.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-18-23 1814ET
