Dow Jones and Nasdaq Post Gains In Early Trading
Wall Street rose cautiously in early trading Monday amid a batch of takeover deals, and as investors speculated that manufacturing data will suggest slightly slower growth in the sector.
Investors were encouraged after a number of big acquisitions were announced before the market opened. Among them was private equity firm Kohlberg Kravis Roberts & Co.'s deal to take credit card transaction processor First Data Corp. private for about $29 billion.
Further direction about the economy could come with the 10 a.m. EDT release of the Institute for Supply Management's March index of the nation's manufacturing activity. The market is expecting a reading of 51.0, down from 52.3 in February but still indicating growth in the sector. A lower figure could cause a sell-off, especially given that last week's Chicago regional manufacturing index came in strong.
In the first hour of trading, the Dow Jones industrial average rose 23.40, or 0.19 percent, to 12,377.75.
Broader stock indicators were also higher. The Standard & Poor's 500 index was up 2.39, or 0.17 percent, at 1,423.25, and the Nasdaq composite index rose 5.12, or 0.21 percent, to 2,426.76.
Published by Joe Bel Bruno, AP Business Writer
Investors were encouraged after a number of big acquisitions were announced before the market opened. Among them was private equity firm Kohlberg Kravis Roberts & Co.'s deal to take credit card transaction processor First Data Corp. private for about $29 billion.
Further direction about the economy could come with the 10 a.m. EDT release of the Institute for Supply Management's March index of the nation's manufacturing activity. The market is expecting a reading of 51.0, down from 52.3 in February but still indicating growth in the sector. A lower figure could cause a sell-off, especially given that last week's Chicago regional manufacturing index came in strong.
In the first hour of trading, the Dow Jones industrial average rose 23.40, or 0.19 percent, to 12,377.75.
Broader stock indicators were also higher. The Standard & Poor's 500 index was up 2.39, or 0.17 percent, at 1,423.25, and the Nasdaq composite index rose 5.12, or 0.21 percent, to 2,426.76.
Published by Joe Bel Bruno, AP Business Writer
posted by Stock Administrator @ 9:39 AM
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