Stocks Surge on Retail News
Stocks surged Thursday, carrying the Dow Jones industrials into record territory as investors gleaned some positive consumer spending trends from retailers' generally sluggish June sales reports.
A new bid for aluminum maker Alcan Inc. added to the upbeat mood on Wall Street, which drove the Dow up more than 100 points to a new intraday high. Helping stocks was a move by Wal-Mart, one of the 30 companies that make up the Dow Jones industrial average. The company's report helped ease some investors' worries about the health of the consumer ahead of the Commerce Department's Friday report on U.S. retail sales. The stock market got an additional boost after mining company Rio Tinto offered to buy Canadian aluminum producer Alcan for $38.1 billion. The offer topped a bid from Alcoa Inc. that Alcan's board rejected in May, and Alcoa is considering whether to make another bid. In late morning trading, the Dow Jones industrial average rose 143.55, or 1.06 percent, to 13,721.42, after climbing to 13,724.11, an intraday record. The Dow's record close is 13,676.32, set June 4.
Broader stock indicators also surged higher.
The Standard & Poor's 500 index rose 12.35, or 0.81 percent, to 1,531.11, nearing its record close of 1,539.18, which also came on June 4.
The Nasdaq composite index rose 18.81, or 0.71 percent, to 2,670.60. Light, sweet crude rose 72 cents to $73.28 per barrel on the New York Mercantile Exchange.
Alcan and Alcoa shares jumped Thursday following Rio Tinto's move to top Alcoa's hostile bid for Alcan.
Source: Madlen Read, AP Business Writer
A new bid for aluminum maker Alcan Inc. added to the upbeat mood on Wall Street, which drove the Dow up more than 100 points to a new intraday high. Helping stocks was a move by Wal-Mart, one of the 30 companies that make up the Dow Jones industrial average. The company's report helped ease some investors' worries about the health of the consumer ahead of the Commerce Department's Friday report on U.S. retail sales. The stock market got an additional boost after mining company Rio Tinto offered to buy Canadian aluminum producer Alcan for $38.1 billion. The offer topped a bid from Alcoa Inc. that Alcan's board rejected in May, and Alcoa is considering whether to make another bid. In late morning trading, the Dow Jones industrial average rose 143.55, or 1.06 percent, to 13,721.42, after climbing to 13,724.11, an intraday record. The Dow's record close is 13,676.32, set June 4.
Broader stock indicators also surged higher.
The Standard & Poor's 500 index rose 12.35, or 0.81 percent, to 1,531.11, nearing its record close of 1,539.18, which also came on June 4.
The Nasdaq composite index rose 18.81, or 0.71 percent, to 2,670.60. Light, sweet crude rose 72 cents to $73.28 per barrel on the New York Mercantile Exchange.
Alcan and Alcoa shares jumped Thursday following Rio Tinto's move to top Alcoa's hostile bid for Alcan.
Source: Madlen Read, AP Business Writer
posted by Stock Administrator @ 12:26 PM
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