Surge In Construction Spending Lifts Markets
A surge in construction spending lifted the markets to a higher open with the Dow rising 24 points to 10,160. Nasdaq gained 16 points to 2273.
On the upside
Covidien (NYSE: COV) will pay approximately $2.6 billion in cash to acquire ev3 (Nasdaq: EVVV).
The New York Post reported that private equity firm Blackstone Group (NYSE: BX) may acquire RadioShack (NYSE: RSH).
Jones Soda (NYSE: JDSA) announced last week that it's products will be sold at Wal-Mart (NYSE: WMT).
On the downside
BP's (NYSE: BP) effort to halt the oil spill with the top-kill method of pouring mud into the leak failed.
Failure of the top-kill method to stop the oil spill at the Deepwater Horizon rig weighed down shares of Transocean, (NYSE: RIG) owner of the rig.
The cost of Halliburton's (NYSE: HAL) five year credit default swaps soared 27% to 98 basis points.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 657.
