Stocks Start the Week Higher
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Hemera/Thinkstock(NEW YORK) — U.S. stocks gained momentum on Monday, with investors setting aside concerns about brewing global events. The market got a boost from company mergers and a home-building boom.
The Dow Jones Industrial Average came off its first positive week in more than a month. Koch Industries, run by the billionaire brothers Charles and David, is buying electronic components and cables maker Molex for a little less than $7 billion. Luxury retailer Neiman Marcus, meanwhile, was sold for $6 billion.
Homebuilding shares were some of the biggest gainers after one major builder said home prices are rising and its backlog jumped almost 27 percent from a year earlier.
The Dow gained nearly 141 points to close at 15,063. The Nasdaq Composite closed up 46 points at 3,706, while the S&P 500 finished the session up 16.5 points at 1,672.
Apple shares were back above $500 Monday. Apple is expected to unveil its latest iPhone Tuesday during an annual ritual that will cast a spotlight on Apple’s drive to regain market share.
Americans cut back on using their credit cards in July for the second straight month, while taking on more debt to buy cars and attend school. The Federal Reserve says consumers increased borrowing to a record high of $2.85 trillion.
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