Tue, September 28, 2010
Business > Markets

Deal news helps US stocks recover from early losses

2010-09-28 16:01:40 GMT2010-09-29 00:01:40 (Beijing Time)  SINA.com

Stocks are restarting a September rally as investors brush off news that consumer confidence dropped to its lowest level since February.

Traders are focusing more on encouraging signs of confidence in the corporate world such as a jump in dealmaking. Drug developer Endo Pharmaceuticals Holdings said Tuesday it will buy Qualitest Pharmaceuticals for $1.2 billion.

Stocks initially dropped after the Conference Board said its confidence index dropped more than economists had expected. But the decline was short-lived.

The Dow Jones industrial average is up 33, or 0.3 percent, at 10,846. The S&P 500 is up 3, or 0.3 percent, at 1,145, while the Nasdaq composite is up 3, or 0.1 percent, at 2,373.

(Agencies)

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