Stocks Open Higher on Euro Zone Hopes
U.S. stocks began higher on Monday, on better-than-anticipated corporate earnings and as worry diminished about Europe’s debt trouble. The Dow Jones Industrial Average rose 68.98 points, or 0.53%, to 13,165.15. The S&P 500 index climbed 6.91 points, or 0.50%%, to 1,397.90. The Nasdaq Composite rose 17.29 points, or 0.58%, to 2,985.19.
Federal Reserve Chairman Ben Bernanke said on Monday that although broad measurements of the economy point to recovery, many people and businesses are facing tough times. Bernanke was speaking to a research conference on the topic of economic measurement. He did not discuss the outlook for monetary policy or refer to a report that the economy added a more-than-expected 163,000 jobs in July even as the jobless rate rose to 8.3 percent.
Knight Capital Group Inc looks set to enter into a $400 million financing deal with a group of investors, allowing the trading firm to open its doors Monday after a crippling $440 million loss, although it will come at a steep cost to shareholders, sources familiar with the situation said.
Richard Schulze, the founder and former chairman of Best Buy Co. (NYSE:BBY) , offered to buy the remaining shares of the big-box electronics retailer that he doesn’t already own in a deal that values the company at up to $8.84 billion. The offer, worth $24 to $26 a share, represents a premium of 36% to 47% to Best Buy’s closing price Friday. Best Buy had 339.9 million shares outstanding as of June 6.