Trader Jonathan Corpina, left, and specialist Peter Giacchi work on the floor of the New York Stock Exchange Monday, Dec. 16, 2013. The stock market is opening sharply higher after a pair of multibillion-dollar deals and signs of strength in U.S. manufacturing. (AP Photo/Richard Drew)
December 16, 2013 - 1:20 PM
NEW YORK, N.Y. - Corporate deals and fresh evidence of a stronger economy are giving the stock market a jolt.
LSI Corp. rose Monday after chipmaker Avago Technologies said it was buying the company for $6.6 billion. AIG was up after it announced the sale of its aircraft leasing business for about $5.4 billion.
The Federal Reserve says factory production accelerated in November as auto production surged. The gains show manufacturing is strengthening and could help boost economic growth.
The Dow Jones industrial average jumped 129, or 0.8 per cent, to close at 15,884.57. The Standard & Poor's 500 index climbed 11 points, or 0.6 per cent, to 1,786.54. The Nasdaq rose 28 points, or 0.7 per cent, to 4,029.52.
The stock market has ended with weekly declines for two straight weeks.
News from © The Associated Press, 2013