Wall Street jumps on robust corporate activity
Wall Street shares roared back to snap a three-day losing streak, boosted by a pick-up in merger and acquisition activity.business Updated: Sep 29, 2009 09:28 IST
Wall Street shares roared back to snap a three-day losing streak, boosted by a pick-up in merger and acquisition activity.
The Dow Jones Industrial Average on Monday climbed 124.17 points (1.28 per cent) to end at 9,789.36.
The technology-heavy Nasdaq composite added 39.82 points (1.90 per cent) to 2,130.74 and the Standard & Poor's 500 index rose 18.60 points (1.78 per cent) to 1,062.98.
Traders returned to witness an early stock rebound after the market fell for the third consecutive day on Friday as disappointing economic data prompted investors to retrench ahead of the weekend.
Stocks overcame broad-based losses in Asia and gained ground amid large merger and acquisition announcements by companies such as Xerox, Johnson & Johnson and Abbott Laboratories, suggesting growing confidence in the corporate sector, analysts at Charles Schwab & Co said in a note to clients.