Rise In Consumer Spending Lifts Markets
The markets extended its gains during the midday with the Dow soaring 206
points to 11,491 as consumer spending climbed in July. Nasdaq leaped 66
points to
2546.
Venoco (NYSE: VQ) chairman and chief executive Timothy Marquez offered to acquire the company for $12.50 per share.
Capital One upgraded Dresser-Rand (NYSE: DRC) to an Add rating from Neutral.
Hartford Financial Services Group (NYSE: HIG) chief executive Liam McGee said that costs from Hurricane Irene damage fell within its expected range.
The Bedford Report issued a research report on Coffee Holding Co. (Nasdaq: JVA).
Bargain hunters lifted shares of Camelot Information Systems (NYSE: CIS). The stock price fell last week after reporting disappointing second quarter earnings.
Bank of America (NYSE: BAC) will sell 13.1 billion common shares of China Construction Bank.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 26 points to 717.
