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Wall Street ends in black amid buyout news | The Honolulu Advertiser | Hawaii's Newspaper

Updated at 12:14 p.m., Monday, July 23, 2007

Wall Street ends in black amid buyout news

Associated Press

Stocks rebounded Monday after another spate of buyout news reassured investors that Wall Street's appetite for dealmaking hasn't waned. Better-than-expected profit news from Merck & Co. also boosted the market's mood, helping it partially recover from a steep sell-off Friday triggered by some weak earnings reports and worries about souring subprime loans.

The stock market pushed those concerns aside after Transocean Inc., the world's largest offshore drilling contractor, and rival GlobalSantaFe Corp. said they agreed to merge. In addition, equipment rental company United Rentals Inc. agreed to be taken private by affiliates of Cerberus Capital Management LP, while British bank Barclays PLC said it would raise its offer for ABN Amro Holding NV to $93.2 billion to fight a rival bid.

  • The Dow Jones industrial average rose 92.34, or 0.67 percent, to 13,943.42.

  • The Standard & Poor's 500 index rose 7.47, or 0.49 percent, to 1,541.57.

  • The Nasdaq composite index rose 2.98, or 0.11 percent, to 2,690.58.

    For the year:

  • The Dow is up 1,480, or 11.88 percent.

  • The S&P is up 123.27, or 8.69 percent.

  • The Nasdaq is up 275.29, or 11.40 percent.
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