Money & Company

Tracking the market and economic trends
that shape your finances.

« Previous Post | Money & Company Home | Next Post »

Stocks rise for third straight session

Exchange flag  stan honda getty Stocks rose Monday for the third session in a row, helping to erase all the losses that were sustained last week after Standard & Poor’s decided to bump the United States down from its AAA rating.

The Dow Jones industrial average ended the day up 213.88 points or 1.9%, at 11,482.90. That is 38 points higher than where the blue-chip average closed Aug. 5, just hours before Standard & Poor’s announced its move. The average is still down 10.4% from the highs reached in April.

The broader Standard & Poor’s 500 index was up Monday 25.68 points, or 2.2%, to 1,204.49.

Investors were encouraged by a number of big deals that were announced over the weekend, including Google Inc.’s purchase of Motorola Mobility Inc. and Time Warner Cable Inc.’s bid to buy Insight Communications.

Some investors also said they were buying stocks that looked cheap after the panicked selling that took place over the last three weeks.

The optimism was enough to overshadow a disappointing report from the Federal Reserve Bank of New York, which showed a decline in manufacturing in the New York region in August.

RELATED:

Obama left short-handed on economy

Economy and markets go down the rabbithole

Google to buy Motorola Mobility for $12.5 billion

-- Nathaniel Popper

 
Comments  ()

Connect

Recommended on Facebook


Advertisement

In Case You Missed It...

Video




Categories


Archives