Stocks: Dow up over 125 points

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NEW YORK (CNNMoney)

The Dow Jones industrial average was up about 125 points in early trading. The S&P 500 and the Nasdaq both added just under 1%.

Merger Monday

Takeover talk is swirling through the markets Monday as Pfizer said it has been looking at a $100 billion bid for AstraZeneca, and General Electric is reportedly attempting to buy Alstom's power turbines business.

The British pound pushed up against the U.S. dollar, trading at its highest level since late 2008, in response to the possibility of a Pfize (PFE, Fortune 500)takeover of AstraZenec, (AZN)noted Kit Juckes at Societe Generale.

Shares in AstraZeneca surged, while Pfizer shares were edging higher.

Related: Pfizer eyes AstraZeneca for $100 billion acquisition

Both General Electri (GE, Fortune 500)and Germany's Siemen a (SIEME)re reportedly looking to buy the power divisions of France's Alsto, t (ALSMY)hough French government officials are said to be concerned about a U.S. takeover.

Trading in Alstom shares has been suspended. The company promised to make a statement by Wednesday at the latest. General Electric has made no comment.

Siemens said it has proposed to discuss strategic options with Alstom, but declined further comment.

Bad math strikes again

Bank of America (BAC, Fortune 500) shares fell 4% after the Federal Reserve required the bank to resubmit its 2014 capital plan because BofA incorrectly reported data used to calculate its capital levels. BofA said it was suspending plans to hike its dividend and increase its share repurchase program.

Investors continued to favor stocks that are considered safe havens and shun those that are linked to the economic recovery. Consumer staples and telecommunications companies are the top gainers today, while energy and utilities stocks were weak.

The market is about to enter the time of year when stocks historically have underperformed. Analyst say many investors are shifting into more defensive stocks as they brace for a slowdown in trading activity, which typically starts in May.

"At this time of year, it is natural for investors to question whether they should reduce their equity exposure as we move closer to the historically vulnerable May through October period that has coined the old Wall Street adage 'Sell in May,'" wrote Sam Stovall, chief equity strategist at S&P Capital IQ, in a note to clients.

Related: Stocks: Get ready for the summer bummer

Ukraine fears linger

The White House unveiled new sanctions against Russian officials and businesses in response to the escalating crisis in Ukraine. The sanctions target seven Russian officials and 17 entities, including banks and companies tied to Russia's energy industry.

Related: Fear & Greed Index still in fear zone

In a major challenge to Kiev's new leaders, armed rebels aligned with Moscow have captured towns and government buildings across eastern Ukraine and are holding a team of European monitors hostage.

But the sanctions were not as severe as some had feared. Russian stocks and the ruble rallied as investors moved back into Russian assets following a sharp sell off.

Related: Bank of America's big math error

Chinese e-commerce company Alibaba, which is preparing to go public in the United States, announced an investment in the online video website Youku (YOKU). Alibaba and a private equity firm purchased 18.5% of Youku for $1.22 billion.

Other early stock movers include Netflix (NFLX), which is down over again today after losses last week when the company announced strong earnings but said its costs are rising. Microsoft (MSFT, Fortune 500), on the other hand, is up 3% this morning, another nice pop after its earnings last week and finalization of its deal with Nokia.

Corporate earnings continue to roll in from some major companies. Controversial company Herbalife (HLF) is one of several firms set to report quarterly results after closing bell.

On the economic front, the National Association of Realtors said pending home sales, which reflect transactions that have not yet closed, rose in March for the first time in nine months.

Related: CNNMoney's Tech30

European markets were higher in afternoon trading. Most major Asian markets declined Monday.

First Published: April 28, 2014: 9:55 AM ET

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