Stocks Rise On Mergers, Homebuilder Outlook
NEW YORK (AP) — The stock market got a boost from mergers, homes, and phones.
Two big deals Monday suggested growing confidence in the economy: Luxury retailer Neiman Marcus was sold for $6 billion, and Koch Industries bought electronics component maker Molex for $7.2 billion.
Apple rose a day ahead of a new product announcement. Homebuilding stocks rose after Hovnavian Enterprises said home prices are increasing.
The Dow Jones industrial average rose 140 points, or 0.9 percent, to 15,063. The last time the Dow closed above 15,000 was Aug. 23.
The Standard & Poor's 500 rose 16 points, or 1 percent, to 1,671. The Nasdaq composite rose 46 points, or 1.3 percent, to 3,706.
Four stocks rose for every one that fell on the New York Stock Exchange. Volume was average, 3 billion shares.