US stocks climb on M&A deals, bargain hunting
NEW YORK: US stocks rallied Monday, buoyed by a raft of big merger and acquisition announcements in the banking and tech sectors.
The Dow Jones Industrial Average leaped 210.48 points (1.87 percent) to 11,479.50 in closing trade, clocking its third straight session in positive territory.
The broader S&P 500 was up 25.43 points (2.16 percent) at 1,204.24, and the Nasdaq Composite gained 46.81 points (1.87 percent) to 2,554.79.
After a roller-coaster week, Wall Street bulls were ready to take the markets higher.
"It is too soon to say that a bottom is in place, but the market is obviously showing encouraging signs that the worst of the selling is behind us," said Scott Marcouiller at Wells Fargo Advisors.
Stocks piled up gains "as investors seek bargains following three weeks of losses," he added.
Copyright AFP (Agence France-Presse), 2011
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