M&A activity lifts markets

Corporate consolidations lifted the markets higher during the midday with the Dow rising 49 points to 17,527. Nasdaq gained 34 points to 5,082.

On the upside

Arch Coal (NYSE: ACI) extended its private debt exchange offer.

RA Capital Management increased its stake in Achillion Pharmaceuticals (Nasdaq: ACHN) to approximately 9.95 million shares.

Zacks Equity Research suggested that Esperion (Nasdaq: ESPR) was poised for a breakout.

On the downside

Profit taking weighed down shares of Energy Focus (Nasdaq: EFOI).

Investors continued to lock in profits on Eleven Biotherapeutics (Nasdaq: EBIO).

DS Healthcare Group (Nasdaq: DSKX) will pay approximately $36.5 million in cash and stock to acquire WR Group.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 9 points to 2,100. Bitcoin edged up a fraction to $256.