Thursday
April
24
2014
2:57 pm
Weather
  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

U.S. stocks sharply higher
December 16, 2013, 05:00 AM The Associated Press

Stocks rose sharply on Monday, powered by two big corporate deals and news that suggests the economy is getting stronger.

The gains follow a down week. Stocks have turned volatile ahead of a Federal Reserve meeting that begins on Tuesday, as investors bet on whether the central bank will start to reduce the stimulus that has boosted stock prices this year.

At 9:50 a.m. Eastern, the Dow Jones industrial average was up 169 points, or more than 1 percent, at 15,925. The Standard & Poor's 500 index rose 16 points, or almost 1 percent, to 1,792. The Nasdaq composite was higher by 40 points, or 1 percent, at 4,041.

All 10 industry groups in the S&P 500 were higher, led by technology stocks.

Two major deals caught investors' attention: Chipmaker Avago Technologies is buying LSI Corp. for $6.6 billion. Avago was up $4.36, or almost 10 percent, to $50, while LSI rose $3.05, or 39 percent, to $10.96. AIG is selling its aircraft leasing business for about $5.4 billion to Dutch leasing company AerCap. AIG has been selling major assets after getting a bailout during the financial crisis. Its shares rose $1.10, or 2.2 percent, to $50.83.

Also Monday, the Federal Reserve said factory production accelerated in November as auto production surged. The gains in manufacturing could help boost economic growth.

Just last week, such positive reports were making investors nervous. That's because they feared that the Fed would think that the economy is doing so well that its $85 billion in monthly bond-buying is no longer needed.

However, economists are almost unanimous in believing that the Fed will not begin winding down its stimulus program just yet. It will release a statement and projections for the economy Wednesday.

In Europe, the FTSE 100 index of leading British shares was up more than 1 percent, while Germany's DAX rose almost 2 percent. The CAC-40 in France was 1.5 percent higher. In Japan, the Nikkei 225 index slid 1.6 percent despite a report from Japan's central bank showing improved business sentiment.

Oil rose 71 cents to $97.31 on the New York Mercantile Exchange.

 

 

Tags: percent, almost, higher, points, index, investors,


Other stories from today:

Judge deals NSA defeat on bulk phone collection
U.S. stocks sharply higher
Bachelet has big win in Chile presidential vote
 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
  


 
 
 
Daily Journal Quick Poll
 
Do you support a land swap between the city of San Carlos and the elementary school district so the Charter Learning Center could be built on North Crestview?

Yes
No
Not sure

 

 
Tabbed Structure - Regular
 
 
 
 
 
Light showers, possible hail arriving tonight
Bay Area residents should expect rainy weather to arrive tonight and continue through the weekend, b..
Israel halts peace talks with Palestinians
JERUSALEM — Israel broke off Mideast peace talks and brought the U.S.-brokered process to the brin..
Paul McCartney to close Candlestick Park with farewell concert in August
Music legend Paul McCartney will perform the final concert at San Francisco's soon-to-be-demolished ..
FDA proposes first regulations for e-cigarettes
WASHINGTON — The federal government wants to ban sales of electronic cigarettes to minors and requ..
Man, 84, arrested for shooting at Daly City medical facility
Police in Daly City have arrested an 84-year-old man in connection with a shooting at a medical cent..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
Burlingame news