Stocks rose once again on Monday, led higher by technology shares on merger news and optimism ahead of third-quarter earnings reports.
Cablevision surged 11% on plans by the Dolan family to take the company private, and a deal between PNC
and Mercantile
boosted financial shares. NetRatings
also gained on a takeover offer.
But the biggest news came after the close, when Google confirmed reports that it will acquire YouTube for $1.65 billion.
Volume was light and the bond market was closed because of Columbus Day, but stocks showed resilience, shaking off a North Korean nuclear test and rising oil prices. Earnings reports from Dow components Alcoa and GE
will dominate the week’s news, along with Federal Reserve meeting minutes and Beige Book summary of economic conditions. Technology earnings reports begin in earnest next week.
AMD lost ground on lukewarm endorsements from analysts, but BMC
gained on an upgrade.
Amkor soared after completing an options-related earnings restatement.
Powerwave fell on a warning.
The Nasdaq gained 11 to 2311, the S&P 500 tacked on 1 to 1350, and the Dow added 7 to 11,857. Volume declined to 1.96 billion shares on the NYSE, and 1.55 billion on the Nasdaq. Advancers led 19-12 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 59% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 187-13 on the NYSE, and 159-43 on the Nasdaq.
