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Strong earnings, takeovers send stocks higher

3 years ago October 24, 2011 Oct 24, 2011 Monday, October 24 2011 Monday, October 24, 2011 9:56:35 AM EDT in News
Source: Associated Press

NEW YORK - Stocks are rising strongly after a round of corporate takeovers and reports that Europe's bailout fund will be larger than anticipated.

Mattel and J.M. Smucker were among companies that rose after announcing acquisitions. Caterpillar jumped 5.5 percent after it raised its profit forecast for the year.

Indexes jumped about thirty minutes after the market opened on reports that the powers of Europe's financial rescue program will be greatly expanded. That may help prevent a credit crisis.

The Dow Jones industrial average was up 100 points, or 0.8 percent, to 11,909 at 11:45 a.m. Eastern. The S&P 500 rose 15, or 1.2 percent, to 1,253.

The Nasdaq rose 56, or 2.1 percent, to 2,694. The gains turned the Nasdaq index positive for the year.

 

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