U.S. markets closed sharply higher on Monday, with major indexes recording their largest one-day percentage gains since the summer of 2015 and recouping nearly half of their losses from last week. The Dow Jones Industrial Average climbed 669.40 points, or 2.8%, to 24,202.60, for its third-best single point gain in history, led by stellar performance for Microsoft Corp, Intel Corp and Apple Inc as the technology sector experienced a strong rebound.

European stocks meanwhile closed lower Monday, as a surging euro squashed an early rally that had been sparked by a loosening in recent trade-related tensions thanks to reports that Washington and Beijing are talking behind the scenes to avoid a trade war. The Stoxx Europe 600 index gave up 0.7% to end at 363.19 and the DAX 30 dropped 0.8% to close at 11,787.26. The FTSE 100 index slid 0.5% to end at 6,888.69 in London.

GlaxoSmithKline – Novartis stake acquisition

GlaxoSmithKline Plc agreed to buy out Novartis AG’s stake in their consumer-health joint venture for $13 billion, days after abandoning its pursuit of a similar unit put on the block by Pfizer Inc. The sale of the 36.5 percent stake in the venture, which was formed in 2015, should close in the second quarter, Basel, Switzerland-based Novartis said Tuesday in a statement. The sale will also strengthen Novartis’s ability to drive shareholder returns and make bolt-on acquisitions, said Novartis CEO, Vas Narasimhan.

The transaction gives Glaxo full control of a business that sells Theraflu cold medicine and Panadol pain relievers while arming Novartis with more firepower for its pharmaceutical operations and acquisitions. It’s the first big strategic move for new chief executive officers at two of Europe’s largest drug companies. Glaxo shares rose as much as 2.8 percent early Tuesday in London, while Novartis rose as much as 2 percent in Zurich.

Carlyle Group acquires Akzo Nobel unit

In another deal, Akzo Nobel has agreed to sell its specialty chemicals business to investors led by U.S. private equity firm Carlyle Group for 10.1 billion euros including debt — a milestone for the Dutch company as it struggles to recover from a tempestuous 2017. Akzo Nobel CEO Thierry Vanlancker, who took charge last July after the bid battle, said he expects 7.5 billion euros in net proceeds from the sale, and vowed to return the “vast majority” to shareholders.

The sale to Carlyle and Singapore’s GIC sovereign wealth fund for a slightly better than expected price will allow Akzo to focus on its main paints and coatings business may also help to repair strained relationships with shareholders unhappy with the rejection of the bid. The deal delivers one of the biggest commitments made by Akzo Nobel in its defense against a 26 billion euro takeover offer from rival PPG Industries last year. Shares rose 3.8 percent to 77.96 euros by 07:45 GMT.