The markets are up Monday on hopes that a deal to avert the "fiscal cliff" is near.

The S&P 500 rose 0.85% to 1,414 in midday trading today.

The Dow Jones Industrial Average was up 0.51% to 13,004, while the Nasdaq was up 1.21% to 2,996.

The yield on a 10-year treasury bond rose 2.34% to 1.75%.

The price of gold was up 1.40% to $1,679 per ounce.

Newport Beach-based Acacia Research Corp. rose about 3% to $26 for a market value of $1.3 billion. The patent licensing company said Monday its subsidiary Telematics Corp. entered into a settlement and license agreement with CarrierWeb LLC. The company also recently announced its purchase of several patents for second, third and fourth generation wireless technologies from Nokia Siemens Networks.

Aliso Viejo-based chipmaker Microsemi Corp. rose about 2% to $21 for a market value of $1.9 billion.