Stocks rallied Monday after Ben Bernanke was selected as the next Federal Reserve chief. Strong quarterly earnings from drugmakers and lower oil prices also bolstered the gains.
The Dow climbed 169.78, or 1.7 percent, to 10,385.00, its largest single-day gain since April 21. The Standard & Poor's 500 Index was up 19.80, or 1.7 percent, at 1,199.39. The Nasdaq Composite Index jumped 33.62, or 1.6 percent, to 2,115.83.
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Shares of Computer Sciences Corp. rose 11.2 percent to $50.41 after The Wall Street Journal reported that private equity companies are looking to buy the El Segundo-based computer-services company. The firms looking at Computer Sciences include Texas Pacific Group, Warburg Pincus and Blackstone Group.
J2 Global Communications Inc. jumped 5.7 percent to $44.01 after the L.A.-based messaging and communications services provider beat third quarter profit estimates for earnings and adjusted earnings. Its revenue came in just below estimates of $37.77 million, at $37.68 million. And its fourth quarter earnings and revenues estimates are in line with analysts' expectations.
Amgen Inc. edged up 2.6 percent to settle at $75.31 after the Thousand Oaks-based biotechnology company's stock rating was raised to "buy" from "hold" by A.G. Edwards & Sons Inc.
And shares of Diagnostic Products Corp. fell 12.8 percent to $41.87 after the L.A.-based immuno-diagnostic systems developer reported third-quarter profit of 56 cents per share on revenue of $116.3 million, short of analyst estimates of 64 cents per share on revenue of $121.96 million.
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