Stocks Rally on Takeover Deals, Lower Bond Yields

  • July 2, 2007
  • Darren Wong

Stocks rallied on Monday morning as bond yields move lower and
June manufacturing data shows gains. A new spate of buyout and
merger news also fueled stock market gains.

Crude oil futures for August delivery fell
1.3% to $69.75 per barrel after a refinery shutdown in Kansas cut
demand.  Gold
futures for August delivery rose 1.4 to
$660.30 an ounce.


Around Asia, Shanghai’s Composite index gained 0.4% to 3,836.29,
Hong Kong’s Hang Seng fell 0.75% to 21,772.73, and Tokyo’s Nikkei
index closed fractionally higher to 18,146.30.

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Stocks in
Motion

Manor Care To Be Acquired By Private Equity Firm Carlyle
Group For $67 A Share Or About $6.3 Bln Cash (full
story). HCR shares fell by 1.6%.

ECI Telecom Agrees To Be Acquired
By Investor Group For $1.2 Bln (full
story). ECIL shares rose 4.5%.

Ventas Disposes 22 Underperforming Assets To Kindred Healthcare
For $171.5 Mln (full
story). VTR shares gained 2.4%, while KND shares added 0.1%.

Dominion Resources To Divest Mid-continent Operations To Linn
Energy For $2.05 Bln (full
story). D shares rose 0.6%, while LINE shares jumped 13.5%.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 +88.04 13,496.66

NASDAQ

 +19.95 2,623.18

S&P 500

 +10.34 1,513.69

 

 NYSE NASDAQ

Volume

 1,062,200,000 795,085,000

Advances

 2352 1844

Declines

 718 1046

Up Volume

 763 530

Down Volume

 196 211

New Highs

 160 149

New Lows

 39 48


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Nasdaq Telecom Index (IXTCX)
Natural Gas Index (XNG)
Amex Gold Bugs Index (HUI)
Pharmaceutical Index (DRG)
S&P Chemicals Index (CEX)
S&P Retail Index (RLX)


 


Economic
News

ISM Index 56.0 vs 55.0 consensus

ISM Prices Paid 68.0 vs 69.1 Bloomberg consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com