Monday's Market Recap - Stocks Soars As Tax Bill Nears Passage, A Surprise M&A Deal Is Annou

What is The Premarket Telling Us?

Stock are up big this morning, with Dow futures up 132 points, Nasdaq futures up 34.75 points, and the S&P futures up 8.75 points, as optimism about the GOP tax bill reaches a fever pitch. A surprise merger announcement from Campbell's Soup is also a positive catalyst for markets this morning.

On The Bond Desk:

The US 10 year bond hovers at 2.36%, up 0.01% or one basis point.

Currency Desk:

Euro dollar at 1.17

UK Pound at 1.33

Crude Oil:

WTI crude oil futures is pointing modestly higher at $57.48/barrel, up 0.25%.

On the Earnings Calendar:

None.

In M&A News:

Campbell Soup announced it is buying snack company Snyder's-Lance (owner of Cape Cod potato chips brand and others) in a deal worth $4.87 billion.

What About The Asian And European Markets?

Major Asian markets closed higher overnight; Japan (Nikkei 225) up 1.55%, Shanghai rose 0.05% , and Hong Kong (Hang Seng) added 0.70%.

European stocks close also closed with gains; Germany DAX up 1.60%, France CAC 40 up 1.33% , and London FTSE 100 added 0.42%.

Market And Sector Dynamics

Markets opened up triple digits, with the Dow gaining 134 points, Nasdaq gained 44 points, and the S&P up 13 points, as investors cheered what looks like the certain passage of the GOP tax plan, and a new merger in the consumer staple space, where Campbell Soup is buying Snyder's-Glance for $4.87 billion.

Stocks soared from the open and remained elevated for the entire trading session. At the high of the session, the Dow was up more than 240 points.

All eleven S&P sectors ended today's session with solid gains.

Factors Influencing Today's Market

• Crude oil prices were mildly lower in the session. WTI crude oil price closed at $57.16/barrel, down 0.47%.

• Campbell's Soup planned purchase of Snyder's Glance.

• The GOP tax bill appears to have all the votes needed for passage.

• November Housing Starts rose 3.3% to a 1.297 annualized rate.

Market Close Volume Traded And Advance Decline Ratio

At the close the Dow rocketed up 140.46 points, Nasdaq rose 58.17 points, and S&P up 14.35 points. Total NYSE volume traded, 3.34 billion shares. Advancing shares outpaced Declining shares almost 2:1.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.