Stocks get lift from $6 billion deals

Before you go, we thought you'd like these...
Before you go close icon
Stocks posted broad-based gains Monday, buoyed by the confidence only a couple of $6 billion deals can bring. Abbott Laboratories (ABT) said it would buy the pharmaceuticals business of Belgian company Solvay, while Xerox (XRX) struck an agreement to purchase Affiliated Computer Services (ACS).

The blue-chip Dow Jones Industrial Average ($INDU) gained 124 points, or 1.3 percent, to finish at 9,789, while the broader S&P 500 ($INX) added 19 points, or 1.8 percent, to 1,063. The tech-heavy Nasdaq Composite ($COMPX) rose 40 points, or 1.9 percent, to close at 2,131.

Xerox's deal helped lift the Nasdaq, as information technology companies rallied on the news of the Affiliated Computer Services acquisition. Just last week Dell (DELL) said would spend nearly $4 billion to buy Perot Systems (PER), yet another tech services firm.

For more on stocks making moves today, be sure to check out BloggingStocks' market wrap.
Read Full Story

Sign up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox.

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners