Bulls Take Firm Control
Bulls are controlling the market on Wednesday, as merger and
acquisition news fuels 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.
In merger and acquisition news, TD Ameritrade
(
AMTD |
Quote |
Chart |
News |
PowerRating)
and E-Trade
(
ETFC |
Quote |
Chart |
News |
PowerRating) are both turning in strong
performances on news that the two online-brokers may merge (full
story).
Additionally, Dubai World, the holding company for the Persian
Gulf state, is planning a $5 billion investment deal with MGM
Mirage
(
MGM |
Quote |
Chart |
News |
PowerRating) (full
story). Merger and Acquisitions had been on the decline as
liquidity disappeared from the market during the recent credit
crisis.
Crude oil future prices for September delivery
rose fractionally to $69.77 a barrel. Gold
futures for December delivery rose 0.6% to $670.20 an ounce.
Around Asia, Shanghai’s Composite rose 0.5% to 4,980.08, Hong
Kong’s Hang Seng index jumped nearly 3% to 22,346.88, and Tokyo’s
Nikkei closed flat at 15,900.64.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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