M&A Activity Boosts Stocks; Dow GainsTriple Digits
Bulls controlled the market on Wednesday, as merger and
acquisition news fueled the upward movement. Investors are also
focusing on the Federal Reserve, as more and more investors are
beginning to believe that the Fed will cut interest rates in the
near future.
Today’s strength is attributed to speculation surrounding several
potential mergers and acquisitions. TD Ameritrade
(
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PowerRating)
and E-trade
(
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PowerRating) are reportedly undergoing
discussion to merge the two online brokerage firms (full
story). The merger could signal an end to the credit crunch
that has affected markets in recent months.
Crude oil future prices for September fell by
0.5% to $69.26 a barrel, which was an 8-week low. Gold
futures for December delivery rose 0.4% to $668.70 an ounce.
Around Europe, Germany’s DAX rose 1% to 7,500.48, France’s CAC 40
added 1.8% to 5,518.17, and Britain’s FTSE 100 index also added
1.8% to 6,196.00.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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