Stock Market Wrapup July 11th
Wall Street bounced back Wednesday from its sharp decline a day earlier, boosted by takeover activity ahead of second-quarter earnings reports. Investors shaken by profit warnings earlier in the week appeared to be cautiously optimistic as they awaited quarterly earnings reports.
Meanwhile, new buyout activity encouraged investors. Steelmaker Gerdau Ameristeel Corp. said late Tuesday it was buying Chaparral Steel Co. for $4.22 billion, while speculation mounted Wednesday that Colgate-Palmolive Co. was interested in buying all or part of Unilever.
Giving the stock market an extra lift, Fed officials alleviated some jitters about problems involving subprime lending. Philadelphia Federal Reserve President Charles Plosser said the financial system is well-equipped to handle home loan risks, and Fed Gov. Kevin Warsh said that while subprime exposure troubles may not be over, they are not spilling into the broader economy.
Meanwhile, new buyout activity encouraged investors. Steelmaker Gerdau Ameristeel Corp. said late Tuesday it was buying Chaparral Steel Co. for $4.22 billion, while speculation mounted Wednesday that Colgate-Palmolive Co. was interested in buying all or part of Unilever.
Giving the stock market an extra lift, Fed officials alleviated some jitters about problems involving subprime lending. Philadelphia Federal Reserve President Charles Plosser said the financial system is well-equipped to handle home loan risks, and Fed Gov. Kevin Warsh said that while subprime exposure troubles may not be over, they are not spilling into the broader economy.
posted by Stock Administrator @ 7:30 PM
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