BlackBerry Limited (NASDAQ: BBRY) closed Monday’s session up over 1 percent after the smartphone maker said it has agreed to be acquired by Canadian insurance company Fairfax Financial Holdings Limited for $4.7 billion dollars. Reuters

Wall Street extended last week’s losses to a third straight session on Monday, as the government shutdown and debt ceiling battles in Washington weighed on investor sentiment.

The Dow Jones Industrial Average dropped 49.71 points, or 0.32 percent, to close at 15,401.38. The S&P 500 fell 8.07 points, or 0.47 percent, to end at 1,701.84. The Nasdaq Composite Index was down 9.44 points, or 0.25 percent, to finish at 3,765.29.

In company news, BlackBerry Limited (NASDAQ:BBRY) closed Monday’s session up more than 1 percent after the smartphone maker announced it will be acquired by Canadian financial services company Fairfax Financial Holdings Limited for $4.7 billion. BlackBerry shareholders will get $9 in cash for each share they hold.

The acquisition announcement comes just in time, as BlackBerry is scheduled to release second-quarter earnings on Friday. The consensus EPS forecast for the quarter is a loss of 17 cents per share, compared with an EPS loss of 45 cents in the year ago period, according to analysts polled by Zacks Investment Research.

On Monday, BlackBerry Ltd. ended the session up 1.09 percent to $8.82 per share. In after-hours trading, shares of the company fell 0.57 percent to $8.77.

In other news, shares of Apple Inc. (NASDAQ:AAPL) jumped 4.97 percent to close up $490.64 a share after the company said sales for its new iPhone had set a record of 9 million within its opening weekend. The tech giant added that fiscal fourth-quarter revenue should be near the high end of its previous forecast of $34 billion to $37 billion. In addition, the company said more than 200 million iOS devices have downloaded Apple's latest iOS 7 software since its release last Wednesday.

Shares of the tech giant edged up 0.02 percent to $490.73 a share in extended-hours trading.

Microsoft Corporation (NASDAQ:MSFT) unveiled two next-generation Surface tablets -- the Surface 2 and the Surface Pro 2 -- in an effort to challenge Apple’s iPad. During an event in New York, the software giant revealed the two machines along with new accessories promoting longer battery life.

Microsoft closed down 0.16 percent to $32.74 per share, and fell 0.12 percent more after the bell to $32.70.

On the economic calendar this week, economists are looking ahead to revised U.S. second-quarter GDP, durable goods orders and various housing data.

On Tuesday, the Case-Shiller and FHFA home price indexes for July are issued along with new home sales on Wednesday, and pending home sales on Thursday. Other notable data this week include durable goods orders on Wednesday and the final revision of second-quarter U.S. gross domestic product released on Thursday. Personal income and consumer spending are due out on Friday.