In this Tuesday, Aug. 27, 2013 photo, specialist Frank Masiello works at his post on the floor of the New York Stock Exchange. U.S. stock futures are rising, Monday, Sept. 9, 2013, on promising economic data out of Asia. (AP Photo/Richard Drew)
Monday, September 09, 2013 4:14 pm
Stocks rise on mergers, homebuilder outlook
The Associated Press
Two big deals Monday suggested growing confidence in the economy: Luxury retailer Neiman Marcus was sold for $6 billion, and Koch Industries bought electronics component maker Molex for $7.2 billion.
Apple rose a day ahead of a new product announcement. Homebuilding stocks rose after Hovnavian Enterprises said home prices are increasing.
The Dow Jones industrial average rose 140 points, or 0.9 percent, to 15,063. The last time the Dow closed above 15,000 was Aug. 23.
The Standard & Poor's 500 rose 16 points, or 1 percent, to 1,671. The Nasdaq composite rose 46 points, or 1.3 percent, to 3,706.
Four stocks rose for every one that fell on the New York Stock Exchange. Volume was average, 3 billion shares.