Stocks

Wall Street ends higher

Agencies Mumbai | Updated on February 17, 2011 Published on February 17, 2011

US stocks rose to a fresh 32-month high on Wednesday led by Dell earnings and deal announcements.

The Dow Jones industrial average rose 63.95 points or 0.52 per cent to 12,290.59. The Standard & Poor's 500 Index was up 7.97 points or 0.6 per cent at 1,335.98. The Nasdaq Composite Index climbed 22.1 points, or 0.79 per cent to 2,826.45.

Dell Inc, the world's No. 2 personal computer maker after Hewlett-Packard, flew past Wall Street's profit and margins estimates late on Tuesday, and its shares jumped 13.4 per cent to $15.78.

French drugmaker Sanofi-Aventis SA agreed to buy Genzyme Corp for $20.1 billion in cash. Genzyme shares rose 1.4 per cent to $75.32.

In another proposed deal, activist investor Nelson Peltz's Trian Group offered to acquire Family Dollar Stores Inc for $55 to $60 per share in cash, giving the company an implied value of $7.6 billion. Family Dollar soared 21.7 per cent to $53.50.

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Published on February 17, 2011
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