The U.S. stock market climbed a second day on fading home-loan concerns after Bear Stearns Cos.' earnings report and the acquisition of a mortgage company by General Electric Co. and Blackstone Group LP.
Citigroup Inc., JPMorgan Chase & Co. and Alcoa Inc. led gains in the Dow Jones Industrial Average and the Standard & Poor's 500 Index. Dow Chemical Co. posted its biggest advance since July 2003 on expectations it will merge some assets with India's Reliance Industries Inc.
Bear Stearns, the biggest U.S. underwriter of mortgage bonds, joined Lehman Brothers Holdings Inc. in assuaging concern that defaults among the riskiest borrowers will drag down profits at financial companies. The bank's outlook helped lift 14 of 16 homebuilders in S&P indexes and alleviate concerns raised by accelerating inflation and a prediction by former Federal Reserve Chairman Alan Greenspan that mortgage defaults will hurt the economy.
Read more at Bloomberg.com
Showing posts with label Alcoa Inc. Show all posts
Showing posts with label Alcoa Inc. Show all posts
Thursday, March 15, 2007
Sunday, February 18, 2007
Takeovers seen smashing record
The rumours about a potential takeover of aluminum producer Alcoa Inc these last few days created an enthusiastic buzz on Wall Street that acquisitions this year will smash the $4trillion record set in 2006.
Seven weeks into 2007, the amount of money for takeovers brokered by investment banks and private equity firms is trending above last year.
In the US, market researcher Dealogic said volume has soared 86% to $228.6bn from last year, while global volume rose 36% to $477.4bn.
Read more at FIN24.co.za
Seven weeks into 2007, the amount of money for takeovers brokered by investment banks and private equity firms is trending above last year.
In the US, market researcher Dealogic said volume has soared 86% to $228.6bn from last year, while global volume rose 36% to $477.4bn.
Read more at FIN24.co.za
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