Wall Street jumps on robust corporate activity

Wall Street jumps on robust corporate activity

New York: Wall Street shares roared back to snap a three-day losing streak, boosted by a pick-up in merger and acquisition activity.

The Dow Jones Industrial Average on Monday climbed 124.17 points (1.28%) to end at 9,789.36.

The technology-heavy Nasdaq composite added 39.82 points (1.90%) to 2,130.74 and the Standard & Poor’s 500 index rose 18.60 points (1.78%) to 1,062.98.

Traders returned to witness an early stock rebound after the market fell for the third consecutive day on Friday as disappointing economic data prompted investors to retrench ahead of the weekend.

Stocks overcame broad-based losses in Asia and gained ground amid large merger and acquisition announcements by companies such as Xerox, Johnson & Johnson and Abbott Laboratories, suggesting growing confidence in the corporate sector, analysts at Charles Schwab & Co said in a note to clients.