Stocks started November on strong footing, extending October’s stellar run. Benchmark indexes closed out last month with their best percentage gain in four years. Health care stocks led markets higher after Shire (SHPG) agreed to buy Dyax (DYAX) in a deal worth up to $6.5 billion. The purchase price values Dyax at a nearly 35 percent premium to Friday’s close and gives Shire access to its experimental drug portfolio that targets inflammatory diseases. Manufacturing growth in the U.S. remained sluggish in October, hovering at its lowest level since mid-2013. The latest ISM index print showed factory activity falling for its fourth straight month. Construction spending rose to its highest level in seven-and-a-half years in September, driven by strong demand in residential building. TheStreet’s Keris Lahiff reports from New York.
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