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Overnight Markets: US stocks advance amid upbeat economic data

by Himanshu Singh on Dec 17, 2013 at 03:38

Overnight Markets: US stocks advance amid upbeat economic data

US stocks advanced on Monday after closing Friday their worst week since August as investors watched data to gauge the outlook for stimulus before a two-day Federal Reserve meeting that starts tomorrow.

The Dow Jones industrial average rose 129 points or 0.82%, to 15,885, the S&P 500 gained 11 points or 0.63%, to 1,787 and the Nasdaq Composite added 29 points or 0.71%, to 4,030.

Economic data showed on Monday US manufacturing output rose for a fourth straight month in November. Stronger data of late including last month's payroll report, led some to believe the tapering could come as soon as the Fed's meeting this week.

Business activity in eurozone also ended on a high amid a surge in new orders, though the rate of manufacturing growth slowed in China.

LSI Corp (LSI.O) was the best performer on the S&P 500 after Avago Technologies (AVGO.O) agreed to buy LSI for $6.6 billion. LSI shares jumped 38.6% and Avago added 9.7%.

In other deal news, AIG Inc (AIG.N) rose 1.1% after it said it would sell its aircraft-leasing business to AerCap Holdings NV (AER.N) in a deal valued at about $5.4 billion. AerCap surged 33.1%.

Exxon Mobil (XOM.N) added 2% after Goldman Sachs raised its rating on the stock to "buy" from "neutral".

IBM's (IBM.N) 2.9% gain made it the top percentage and points gainer on the Dow industrials.

Shares of Herbalife Ltd (HLF.N) jumped 9.4% after the company announced there were no material changes to its financial re-audit.

Boeing (BA.N) shares gained 1.7% in after-hours trading after it said it approved a $10 billion stock repurchase and raised its dividend 50% to 73 cents per share.

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