US Stocks Rise Slightly on Corporate Deals

Posted June 13th, 2011 at 10:15 am (UTC-5)
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Major U.S. stock indexes were higher in early Monday trading, rebounding slightly from a six-week losing streak as investors welcomed news of several corporate merger deals.

The Dow Jones Industrial Average, the S&P 500 index and the NASDAQ Composite index were all gaining about four-tenths of a percent.

One deal that appeared to boost the market was a decision by the world's largest apparel maker, VF Corp., to buy outdoor clothing and footwear maker Timberland for about $2 billion.

European stock markets also were making small gains in afternoon trading.

London's Financial Times 100 index and the Paris CAC 40 index were up about one-third of a percent, while the Frankfurt DAX index was one-quarter of a percent higher.

Earlier in Asia, Tokyo's Nikkei index closed down 0.7 percent at 9,448. Hong Kong's Hang Seng index finished up 0.4 percent at 22,508.

The spot price of gold was trading at $1,526 an ounce.

The dollar was slightly stronger against the euro and the yen.