Stocks rise after $19 billion acquisition flurry
Google, Time Warner Cable, Cargill, and Transocean announced purchases, which drove stocks up. The Dow closed up 213 points, the S&P 500 rose 25 points, and the Nasdaq gained 47.
NEW YORK — U.S. stocks have closed higher for the third straight day after a $19 billion buying spree by corporations.
The Dow Jones industrial average is up 213 points, or 1.9 percent, at 11,483. It has erased all its losses from last week, when it swung more than 400 points four straight days on worries about a weakening economy. Investors were also concerned about the country's loss of its top credit rating and Europe's debt problems. This is the Dow's first three-day gain since July 1.
The S&P 500 is up 25, or 2.2 percent, at 1,204. The Nasdaq is up 47, or 1.9 percent, at 2,555.