Caterpillar Acquisition, Better October Retail Sales Boost Stocks

Windsor Genova – AHN News News Writer

New York, NY, United States (AHN) – The acquisition by construction equipment giant Caterpillar of mining-equipment maker Bucyrus International Inc. for $7.6 billion and a 1.2 percent increase in retail sales in October sent U.S. stocks climbing on Monday.

The Dow Jones Industrial Average went up 85 points or 0.8 percent to close at 11,278 with 26 of 30 components gaining.

The Standard & Poor’s 500 Index gained 8 points or 0.7 percent to end at 1,207 with regional banks Fifth Third Bancorp and Zions Bancorp among the top gainers.

The Nasdaq Composite Index rose 13 points or 0.5 percent to 2,531.

On the New York Mercantile Exchange, crude oil futures for December delivery declined 6 cents to close at $85 per barrel.

Gold futures for December delivery rose $3 to $1,365 an ounce.

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