Wall Street rebounded Monday as a wave of corporate M&A activity lifted major indexes and snapped recent losing streaks. The Dow Jones Industrial Average hit a fresh record high, climbing 306.63 points to 52,182.74, while the S&P 500 and Nasdaq both gained over 1% with advancing issues outnumbering decliners on the NYSE.

Comcast surged 4.4% after announcing plans to spin off NBCUniversal and Sky into a separate public company, allowing the cable giant to focus on broadband and wireless operations. Charter Communications jumped 9.4% as investors speculated about potential acquisition opportunities. Meanwhile, Rocket Lab agreed to acquire Iridium Communications for $8 billion, sending its shares up 16% and Iridium soaring 25%.

The deal-making spree wasn't all positive. Martin Marietta Materials dropped 5.7% despite striking its largest-ever acquisition, a $13.5 billion purchase of limestone supplier Lhoist North America. The building-materials company aims to capitalize on data-center and semiconductor construction demand for lime products.

Alphabet replaced Verizon in the Dow Jones Industrial Average, with Alphabet shares rising 4.8% while Verizon fell 5.2%. Verizon flagged an expected $800 million second-quarter loss from its planned joint venture with BT, weighing on the telecommunications stock.