Merger Deals, Weak Oil Help Blue Chips
Posted on: Monday, 12 September 2005, 12:00 CDT
Decreasing oil prices and increasing merger deals kept U.S. techs and blue chips slightly up Monday.
The Dow Jones industrial average was up 3.01 or 0.03 percent to 10,681.57 in mid-morning trading. The Nasdaq composite had gained 4.56 or 0.21 percent to 2,180.07, and the Standard & Poor's 500 was down 0.18 or 0.01 percent to 1,241.30.
High-quality crude oil fell below $64 per dollar.
Merger deals being announced included: Oracle's purchase of Siebel Systems; Wachovia's acquisition of Westcorp; and eBay's agreement to buy Internet-calling startup Skype International. Wall Street likes mergers because they are seeing as creating business efficiencies, a key to rising share values.
The benchmark 10-year Treasury lost 12/32 point, or $3.76 per $1,000 invested, to yield 4.168 percent.
The dollar rose to 109.77 yen from 109.71, as the euro slipped to $1.2308 from $1.2414.
Tokyo's Nikkei 225 closed at 12,896.43 after jumping 204.39 or 1.61 percent on news of Prime Minister Junichiro Koizumi's election victory.
Source: United Press International
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