Stock Market Wrapup July 30th
Wall Street found a foothold Monday as investors, still anxious that a credit crunch could crimp U.S. growth, took advantage of low prices after last week's steep losses. The Dow Jones industrial average surged more than 90 points.
Some solid earnings and takeover activity boosted the stock market, which was coming off the Dow's and the Standard & Poor's 500 index's biggest weekly drops in nearly five years. The Dow is still down about 4.8 percent from its July 19 record close of 14,000.41, having caved under worries about a shakier lending climate.
In a sign that aversion to corporate debt hasn't stanched dealmaking, industrial equipment manufacturer Ingersoll-Rand said it's selling its Bobcat earth-moving division and two other units to Korea's Doosan Infracore for $4.9 billion.
Some solid earnings and takeover activity boosted the stock market, which was coming off the Dow's and the Standard & Poor's 500 index's biggest weekly drops in nearly five years. The Dow is still down about 4.8 percent from its July 19 record close of 14,000.41, having caved under worries about a shakier lending climate.
In a sign that aversion to corporate debt hasn't stanched dealmaking, industrial equipment manufacturer Ingersoll-Rand said it's selling its Bobcat earth-moving division and two other units to Korea's Doosan Infracore for $4.9 billion.
posted by Stock Administrator @ 7:14 PM
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