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RealTime IT News

Mergers, Falling Oil Prices Fuel Rally

Stocks posted strong gains again on Monday, fueled by mergers and another drop in oil prices, and investors scooped up tech stocks ahead of second-quarter earnings reports.

Sprint edged higher after announcing plans to buy US Unwired for $1.3 billion, and Helix Technologies soared 21% on a buyout offer from Brooks Automation , heading a long list of mergers and acquisitions.

And crude oil prices fell after Hurricane Dennis impact on oil production in the Gulf of Mexico was less than feared.

The Nasdaq rose 22 to 2135, the S&P climbed 7 to 1219, and the Dow gained 70 to 10,519. Volume declined to 1.81 billion shares on the NYSE, but rose to 1.77 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 21-9 on the Nasdaq. Upside volume was 78% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 501-19 on the NYSE, and 266-17 on the Nasdaq.

Kulicke and Soffa rose 3% after reporting strong orders, and Komag climbed 4% after raising guidance.

UTStarcom soared 14% on contract wins with China Telecom .

Infocrossing plunged 27% on a warning.