Deal news, GOP tax plan lift stocks

U.S. stocks climbed again Monday to new record highs as investors felt more sure that Republicans will pass their tax plan this week. Technology companies rose. So did banks and retailers, which are likely to see lower taxes.

Stocks have made hefty gains as the GOP appeared to shore up enough support to pass the bill. The biggest gains have gone to companies that pay relatively higher tax rates, including smaller, U.S.-focused firms.

Jason Pride, director of investment strategy at Glenmede, thinks that the average company will get a roughly 4% boost to its profit, and that a tax cut on corporate investment could push companies to spend more money on equipment.

Deal news also put investors in a buying mood. Two food giants agreed to buy smaller snack makers.

Campbell Soup is buying pretzel maker Snyder’sLance for $50 a share, or $4.87 billion, gaining brands such as Snyder’s of Hanover, Kettle Brand and Pop Secret. Snyder’s stock advanced 6.9% to $50.04. It has surged 27% since its Dec. 12 close on reports Campbell Soup was preparing a bid. Campbell shares ticked up 0.1% to $49.66.

Hershey agreed to buy Amplify Snack Brands for $12 a share, or $1.2 billion. Amplify makes Skinny Pop popcorn, Tyrrells potato chips and Oatmega protein bars. Its shares soared 71.6% to $12.01. Hershey edged up 0.1% to $114.26.

Financial firms, including regional U.S. banks, did well Monday. Fifth Third Bancorp rose 1.5% to $30.47.

Among smaller companies, wheel and tire supplier Titan International climbed 8.9% to $12.84. Clothing retailer Abercrombie & Fitch rose 6.7% to $17.83. Instantwin lottery ticket maker Scientific Games advanced 2.5% to $52.10.

Apple rose 1.4% to $176.42, an all-time high. Cloud services provider Akamai Technologies leaped 13.7% to $65.67 after Elliott Management, led by activist investor Paul Singer, disclosed a 6.5% stake in Akamai.

Bitcoin futures that began trading on the Chicago Mercantile Exchange on Sunday fell $375, or 1.9%, to $19,125. Bitcoin futures also started trading on the Cboe last week.

Benchmark U.S. crude fell 14 cents to $57.16 a barrel. Brent crude rose 18 cents to $63.41 a barrel. Wholesale gasoline rose 2 cents to $1.67 a gallon. Heating oil rose 2 cents to $1.93 a gallon. Natural gas rose 13 cents, or 5.1%, to $2.75 per 1,000 cubic feet.

Gold rose $8 to $1,265.50 an ounce. Silver rose 14 cents to $16.21 an ounce. Copper rose 1 cent to $3.15 a pound.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39% from 2.35%.

The dollar fell to 112.56 yen from 112.63 yen. The euro rose to $1.1784 from $1.1757.