Wall Street extended its November rally with modest gains Monday despite pressure from rising oil prices and a major restructuring plan...
NEW YORK — Wall Street extended its November rally with modest gains Monday despite pressure from rising oil prices and a major restructuring plan at General Motors.
At the close of trading, the Dow Jones industrial average rose 53.95 to 10,820.28, the index’s highest close since March 10. The advance also put the Dow into positive territory for the year.
Microsoft, one of the 30 Dow stocks, added 9 cents to close at $28.16 a share, a 52-week high.
Boeing, also a Dow stock, soared $2.09 to $69 after it received orders for 26 of its new 787 Dreamliner passenger jets from International Lease Finance Corp. and Low-Cost Aircraft Leasing, which bought 20 and six planes, respectively.
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Broader stock indicators were also higher and remained at four-year highs. The S&P 500 added 6.58 to 1,254.85, and the Nasdaq gained 14.60 to 2,241.67.
A raft of acquisition news carried some stocks higher, but volume was light and was expected to remain so ahead of Thanksgiving. There was also a muted reaction to a Conference Board report that the top economic indicators rose 0.9 percent last month, reversing a 0.8 percent decline in September.
The Standard & Poor’s 500 and Nasdaq composite indexes pushed past four-year highs reached Friday as an improving economic backdrop energized the market. But many traders were awaiting indications of how retailers will fare during this year’s holiday rush, which starts Friday.
“You’re going to hear a lot of banter about (retail sales) this week because consumers are such a large part of the economy,” said Art Hogan, chief market analyst for Jefferies. Hogan said investors may react to early sales reports, “But it doesn’t mean a whole lot until we have the hard data.”
Meanwhile, forecasters said a nearing snowstorm could hit several northeastern states by midweek, pushing crude oil higher on renewed supply concerns. A barrel of light crude added 49 cents to $57.70 on the New York Mercantile Exchange.
Mergers and acquisitions again dominated the day’s news. Mentor offered $2.2 billion in stock for Medicis Pharmaceutical, which refused the bid and said it is committed to its proposed takeover of Inamed. Last week, Allergan outbid Medicis for Inamed with a $3.2 billion offer. Mentor dropped $4.79 to $51.35, Medicis surged $3.82 to $31.57, Allergan lost 65 cents to $99.60 and Inamed rose 2 cents to $83.33.
Defense contractor Computer Sciences tumbled $6.47 to $48.38 after The Wall Street Journal reported Saturday that Lockheed Martin and three private equity firms have ended talks of buying out the company. Lockheed, meanwhile, jumped $1.22 to $61.18.
data not available
Because of a problem at the Oppenheimer Funds group, net-asset-value (NAV) numbers were not available for a number of Oppenheimer’s mutual funds at the Monday deadline for distribution, The Associated Press said. Because of that, there are missing data in the Mutual Funds listing on D4. The NAVs will be posted on the Oppenheimer Fund Web site at www.oppenheimerfunds.com, The Associated Press said.