Corporate news sends US stocks higher; Dollar General jumps after making bid for Family Dollar

0

NEW YORK, N.Y. – A bidding contest for a discount retailer and easing concerns about Ukraine helped send U.S. stock indexes higher.

The Dow Jones industrial average rose 175 points, or 1.1 per cent, to close at 16,838 Monday.

The Standard & Poor’s 500 index rose 16 points, or 0.9 per cent, to 1,971.

The Nasdaq composite gained 43 points, or 1 per cent, to 4,508.

Dollar General jumped 12 per cent after the company made a bid to buy Family Dollar. The company is hoping to beat out a rival bid from Dollar Tree.

Airline stocks rose as the price of oil fell, which could mean lower costs for jet fuel. United Continental and American Airlines each climbed 4 per cent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 per cent.

Leave a comment

Your email address will not be published. Required fields are marked *