U.S. indices continued the upward trend set by premarket futures, with the Dow Jones Industrial Average, Nasdaq and S&P 500 all firmly in the green Monday afternoon. The Nasdaq is leading the way, rising 1.1%, while the S&P and Dow are both climbing 0.9%.
Crude prices were also increasing midday Monday, accelerating their gains from the morning session. Industry-benchmark Brent crude futures contracts were up $1.34 to $49.17 per barrel while West Texas Intermiediate crude futures were up $1.44 to $47.65 per barrel.
Rising crude prices were helping lift oil stocks, with ConocoPhillips (COP) rising 3%, BP (BP) gaining more that 2% and Exxon Mobil (XOM) climbing 1%.
Shares of Anacor Pharmaceuticals (ANAC) spiked on heavy volume, surging 55%, after the company greed to be acquired by Pfizer (PFE) for $5.2 billion Monday. The $99.25 per share purchase price represents a 55% premium over the stock's Friday closing price.
Meanwhile, Apple (AAPL) shares were rising on heavy volume Monday after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) disclosed a stake in Action Alerts PLUS holding Apple of 9.81 million shares -- worth more than $1 billion as of the end of the quarter. Apple shares were up nearly 2% premarket on the news. Additionally, Berkshire's latest regulatory filing showed that it also increased its stake in IBM (IBM) while it reduced its position in Wal-Mart (WMT) and eliminated its holdings in AT&T (T).
Lastly, shares of Yahoo! (YHOO) were rising 3% following reports that an investment group backed by Warren Buffett is among the bidders for the company's core business. Verizon (VZ) had previously been identified as being in the lead position to purchase Yahoo!'s portfolio of businesses.