Top 3 Reasons Markets Were Up: Strong Earnings and Merger Mania
Markets closed up on Wall Street: DJI +0.5% SP500 +0.63% Nasdaq +0.76% Gold +0.08%
The markets were up because:
- Earnings keep coming in stronger. Dell (NASDAQ:DELL) got Wall Street giddy with prospective increases in business spending, bellwether teen retailer Abercrombie & Fitch Co. (NYSE:ANF) crushed earnings, Comcast (NASDAQ:CMCSA) is selling a lot more bundles, and Deere & Co. (NYSE:DE) is rocking on ag strength.
- Merger Mania! Family Dollar Stores (NYSE:FDO) caught a go-private bid, and Genzyme Corp. (NASDAQ:GENZ) finally closed the deal to be bought by French drug maker Sanofi-Aventis (NYSE:SNY). Don’t Miss: Sector Spotlight: Discount Retailers Become Acquisition Targets >>
- Gold (NYSE:GLD) stayed up for more than 24 hours. The US Producer Price Index indicates input costs are rising with inflation, and Gold bugs love that word. Accumulate Gold but Be Cautious on Silver >>