U.S. stocks gain on talk of merger flurry, German data; Dow gains 0.39%
Published Feb 19, 2013 04:28PM ET
Investing.com - U.S. stocks finished higher on Tuesday amid talk of an uptick in mergers and acquisitions, while improving German investor sentiment figures boosted spirits as well.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.39%, the S&P 500 index ended up 0.73%, while the Nasdaq Composite index rose 0.68%.
Merger and acquisitions are on the rise in the U.S.
Office products companies Office Depot and OfficeMax reportedly are in talks to join forces, news that came fresh on the heels of reports of a merger between US Airways and American Airlines.
Also, noted investor Warren Buffett's Berkshire Hathaway has announced plans to acquire ketchup maker Heinz, while cable giant Comcast has said it will invest USD16.7 billion buying the remaining 49% stake in NBCUniversal owned by General Electric.
Elsewhere in Europe, the ZEW Centre for Economic Research reported earlier that its index of German economic sentiment jumped to 48.2 in February, the highest since April 2010, from 31.2 in January.
The figure far surpassed analysts' expectations for a 35.0 reading, which sent stocks in the U.S. rising on sentiments that the global economy is on the mend.
Leading Dow Jones Industrial Average performers included Cisco Systems, up 2.24%, General Electric, up 1.93%, and Merck, also up 1.93%.
The Dow Jones Industrial Average's worst performers included Alcoa, down 2.68%, UnitedHealth Group, down 1.13%, and Wal-Mart Stores, down 0.84%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 1.75%, France's CAC 40 rose 1.88%, while Germany's DAX 30 finished up 1.62%. Meanwhile, in the U.K. the FTSE 100 finished up 0.96%.
On Wednesday, the U.S. will release official data on building permits, a strong indicator of future construction activity, as well as data on housing starts. The U.S. is also to publish official data on producer prices, while the Federal Reserve is to release the minutes of its most recent policy meeting.
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Written By: Investing.com
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