Wall Street kicked off the third quarter with a sharp advance Monday as mild manufacturing and construction data lifted hopes about interest rates and energized investors in light pre-holiday trade, the Associated Press reports.
Stocks saw a solid early start on news of a possible alliance between General Motors Corp. and Nissan Motor Co., although Dow Jones industrial GM slumped ahead of its June sales results. Meanwhile, takeover speculation at Alcoa Inc. left the aluminum maker among the Dow’s biggest gainers.
At the close, the Dow rose 77.80, or 0.7 percent, to 11,228.02. On Friday, the Dow fell 40 points as money managers locked in profits from its 217-point rally Thursday. Broader stock indicators also advanced. The Standard & Poor’s 500 index gained 9.99, or 0.79 percent, to 1,280.19, and the Nasdaq composite index surged 18.34, or 0.84 percent, to 2,190.43.
