Reported by: Eric CRWE Newswire Middle East correspondent
The Dow Jones Industrial Average advanced 2.5 percent or 254.75 points to close at 10,269.47, Standard & Poor’s 500 index gained 30.96 points to 1,080.29 while NASDAQ composite index rose 62.81 points to close at 2,176.84 for the day.
The total consolidated volume was 4.5 billion shares whereas gainers to losers stood in a ratio of 6 to 1 on the New York Stock Exchange.
General Electric Company (NYSE:GE) remained one of the major gainers of Dow Jones with as its advanced 3.36% to close at $15.01 with volume of 78.04 million for the day. GE moved on the news of its newly assigned budget of $30billion which the company intends to use for mergers and acquisitions in next two to three years.
Bullish sentiments were also maintained for Caterpillar Inc. (NYSE:CAT) as its CEO Doug Oberhelman told investors and analysts that the company will acquire considerable market share in China to hope to make Caterpillar the top brand in the industry by 2015. CAT’s share price advanced 4.60% to close at $68.16 with volume of 9.07 million shares in today’s trading session.
In other mergers and acquisitions news of possible acquisition of Burger King Holdings, Inc. (NYSE:BKC) resulted in surge of 14.7% in its share price to close at $18.86 with traded volume of 26.65 million shares.
Apple Inc. (NASDAQ: AAPL) advanced 3 percent to $250.33 with traded volume of 24.89 million shares on the launch of their new line of iPods.
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