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Crude Oil, Energy Rally Give Wall Street Fuel to Close at Records

Political unrest in the Middle East sent crude oil prices to their best gains in nearly a year and carried Wall Street to new records to begin the week.

Benchmark indexes built upon gains throughout the afternoon session before ending modestly higher. The Dow Jones Industrial Average closed up 0.04%, the S&P 500 gained 0.13%, and the Nasdaq added 0.33%. Any gains for the three indexes would have marked new closing records -- the three ended Friday's session at all-time highs.

Oil prices surged following a weekend purge by Saudi Arabia's crown prince of his political rivals and the arrest of what was essentially the country's best-known international investor -- Prince Alwaleed bin Talal. The crackdown will consolidate Crown Prince Mohammed bin Salman's grip on power, a notably pro-OPEC force in Saudi politics, making it even more likely that the oil cartel's production caps will be extended, according to analysts.

Broadcom Ltd. (AVGO) made a $103 billion offer to acquire Qualcomm Inc. (QCOM) in what would be the largest tech deal ever. Broadcom, which was purchased by Avago Technologies in 2015, offered $70 a share in a cash-and-stock deal on Monday. The offer was unsolicited.

Broadcom's offer consists of $60 in cash and $10 in stock for each of Qualcomm's nearly 1.5 billion shares, a deal that values Qualcomm at a 13% premium to its Friday close and at a total market cap of $103.2 billion. Broadcom has reportedly been working on a deal for months.

The Broadcom proposal still stands whether Qualcomm's pending acquisition of NXP Seminconductors NV (NXPI) comes to fruition.

Broadcom shares gained 1.4% on Monday; Qualcomm jumped by 1.1%.

Broadcom and NXPI are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells AVGO? Learn more now.

Advanced Micro Devices Inc. (AMD) rallied 7% on reports the semiconductor developer planned to partner with Intel Corp. (INTC) to freeze out Nvidia Corp. (NVDA) , according to The Wall Street Journal. The collaboration on a chip will likely see AMD's graphic unit paired with Intel's processor and used in laptop devices.

Other tech stocks such as NXP Semiconductors, Microchip Technology Inc. (MCHP) , Maxim Integrated Products Inc. (MXIM) , Qorvo Inc. (QRVO) , ON Semiconductor Corp. (CY) , and MACOM Technology Solutions Holdings Inc. (MTSI) were higher on Monday. The S&P Semiconductor SPDR ETF (XSD) added 2.9%.


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