Wall Street Advances on Merger News
Stocks rose Monday as Wall Street joined overseas stock markets in riding a wave of merger news to bounce back from a losing week.
The buyout news, particularly the possibility of an enormous deal that would unite Dutch bank ABN Amro Holding NV with British bank Barclays PLC, propelled stocks higher as investors theorized that companies, since they're willing to cut new deals, remain upbeat about the economy.
The advance came at the start of an important week for economic data; reports will include the Chicago Federal Reserve's take on manufacturing in the Midwest. The market was also waiting for Tuesday's start of the U.S. Federal Reserve's two-day meeting on interest rates. While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
The buyout news, particularly the possibility of an enormous deal that would unite Dutch bank ABN Amro Holding NV with British bank Barclays PLC, propelled stocks higher as investors theorized that companies, since they're willing to cut new deals, remain upbeat about the economy.
The advance came at the start of an important week for economic data; reports will include the Chicago Federal Reserve's take on manufacturing in the Midwest. The market was also waiting for Tuesday's start of the U.S. Federal Reserve's two-day meeting on interest rates. While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.
posted by Stock Administrator @ 11:05 AM
0 Comments:
Post a Comment
<< Home