The Los Angeles Business Journal? index of the 200 largest local public companies closed up for the week ended May 29, as Wall Street saw increased consumer confidence and higher commodity prices as indicators of an improving economy.

The weighted LABJ index ended the week up 4 percent to 97.44, with gainers outpacing decliners 119 to 59.

Cougar Biotechnology Inc. jumped 16 percent after Johnson & Johnson said it would buy the Los Angeles cancer drug developer for $894 million.

Vernon premium denim maker True Religion Apparel Inc., which opened a retail store at the upscale Beverly Center, closed up 13 percent to $23.43.

Among the biggest decliners was Crown Media Holdings Inc., which dropped 20 percent to $2.37. The Studio City cable television network operator fell after its largest debt holder offered to recapitalize $500 million of debt in exchange for convertible preferred stock and new debt, potentially diluting stockholders.

Bidz.com Inc, dropped 12.5 percent after a pair of law firms announced class action lawsuits on behalf of former shareholders against the Culver City online jewelry retailer.