Stocks on Wall Street close higher

http://www.bbc.co.uk/news/business-32962287

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(Close): US stocks closed higher, buoyed by a merger in the chip industry and some encouraging economic news.

The Nasdaq added 13 points to close at 5,082.93 with shares in Altera up 5.8% after it agreed to be bought by Intel.

The world's biggest chipmaker has agreed to buy Altera in a $16.7bn (£10.9bn) deal, paying $54 a share for the firm. Intel shares dropped 1.6%.

On the broader markets, the Dow Jones rose 27 points to 18,038.04 while the S&P 500 was up four points at 2,111.73.

On the economic front, there was mixed news with a survey showing manufacturing picking up pace in May, and a strong jump in construction spending, but consumer spending coming in flat for April.

Overall, Art Hogan, chief market strategist, said Monday's economic data was "pretty positive".