Late Day Comeback Causes Stocks To End In Positive: Acadiana Business Index
Wall Street stages a late day comeback, while the strength of the US dollar in recent days is helping keep a lid on gold prices. Mark Lasseigne fills you in.
- The Dow Jones Industrial Average added 69 points to 11,061.
- Chip maker Broadcom will acquire NetLogic Microsystems for $3.7 billion. NetLogic Systems soared over 50%, while Broadcom lost 1.1%.
- The announcement helped semiconductor stocks. Intel led the Dow, gaining 2.9%, and Micron Technology led the S&P 500 with a 5.3% advance.
- Bank of America's Chief Executive said the bank will look to cut $5 billion in annual costs and 30,000 jobs by the end of 2013 as part of a cost-savings program. Shares edge up 1%.
- French oil services group Technip SA will broaden its business in the subsea market by buying U.S.-based Global Industries for $8 a share. Global shares soaed 51%
- Gold closed lower at $1,813/ounce.
- Crude oil settled higher at $88.19 a barrel after OPEC hinted at production cuts.