Sat, May 17 2008
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Published April 28, 2008 03:17 pm - Stocks fluctuated most of the morning before turning higher in a session that marked one of the most active days for acquisitions in almost three months. Wall Street holds slight gain Associated Press Wall Street held on to a slight advance Monday as investors appeared unenthusiastic about acquisition news and were cautious ahead of this week's earnings reports and Federal Reserve policy meeting.
Stocks fluctuated most of the morning before turning higher in a session that marked one of the most active days for acquisitions in almost three months. The biggest deal was the Warren Buffett and candy maker Mars Inc. offer to buy Wm. Wrigley Jr. Co. for about $23 billion in cash. Meanwhile, billionaire Kirk Kerkorian plans to make an offer that would expand his stake in Ford Motor Co. to 5.6 percent, saying he sees signs the automaker's turnaround plan is working. This helped to offset disappointment in the market that struggling Continental Airlines Inc. said it would not pursue a combination with another carrier right away. It was a surprising move after weeks of speculation it would join with United Airlines to create the world's biggest carrier. Wall Street positioned itself ahead of the Fed's policy-setting meeting on Tuesday and Wednesday. The central bank is widely tipped to cut interest rates by a quarter point, then leave them steady for the balance of the year to help ward off inflation. "Investors are holding their breath for the Fed, and not even these high-profile deals are shaking people off of their hands," said Jack A. Ablin, chief investment officer at Harris Private Bank. "The direction of Fed policy hangs in the balance, and there are people like me that hope the central bank quits sooner rather then later." In midafternoon trading, the Dow Jones industrial average rose 39.74, or 0.31 percent, to 12,931.60. Broader indexes were also higher. The Standard & Poor's 500 index rose 3.80, or 0.27 percent, to 1,401.64, and the Nasdaq composite index rose 11.93, or 0.49 percent, to 2,434.86. Bond prices edged higher after suffering big losses last week. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.84 percent from 3.87 percent late Friday. 
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