Stocks Start Week Off On High Note Following Google’s Purchase Of Motorola
The Dow Jones industrial average closed up 213 points, or 1.9 percent, at 11,483. It has erased all its losses from last week, when it swung more than 400 points four straight days on worries about a weakening economy. Investors were also concerned about the country’s loss of its top credit rating and Europe’s debt problems. This is the Dow’s first three-day gain since July 1.
The S&P 500 is up 25, or 2.2 percent, at 1,204. The Nasdaq is up 47, or 1.9 percent, at 2,555.
Google led Monday’s deals with its $12.5 billion purchases of Motorola Mobility Holdings. Time Warner Cable, Cargill and Transocean also announced purchases of more than $1 billion each.
Analysts expect concerns about another U.S. recession to keep stocks volatile in upcoming weeks. Investors also worry that Europe’s debt problems are worsening.