Stocks push higher, but nervousness remains
EmptyNEW YORK -- Wall Street found a foothold Monday as investors, still anxious that a credit crunch could crimp U.S. growth, took advantage of low prices after last week's steep losses. The Dow Jones industrial average surged more than 90 points.
Some solid earnings and takeover activity boosted the stock market, which is coming off the Dow's and the Standard & Poor's 500 index's biggest weekly drops in nearly five years. The Dow is down about 4.7% from its July 19 record close of 14,000.41, having caved under worries about a shakier lending climate.
In a sign that aversion to corporate debt hasn't stanched dealmaking, industrial equipment manufacturer Ingersoll-Rand said it's selling its Bobcat earth-moving division and two other units to Korea's Doosan Infracore for $4.9 billion.
According to preliminary calculations, the Dow rose 93.08, or 0.70%, to 13,358.55, after falling by as much as 46 points during the session. On Thursday and Friday, the Dow plunged a total of 585 points.
Broader stock indicators also rose. The Standard & Poor's 500 index added 14.90, or 1.02%, to 1,473.85, and the Nasdaq composite index advanced 21.04, or 0.82%, to 2,583.28.