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US stocks open sharply higher

December 16, 2013

NEW YORK (AP) — The stock market is opening sharply higher after a pair of multibillion-dollar deals and signs of strength in U.S. manufacturing.

The Dow Jones industrial average jumped 164 points to 15,920 shortly after the market opened Monday. The Standard & Poor’s 500 index rose 13 points to 1,789. The Nasdaq rose 29 points to 4,030.

LSI Corp. rose $3.04, or 38 percent, to $10.94 after chipmaker Avago Technologies said it was buying the company for $6.6 billion.

AIG was up $1.10, or 2 percent, to $50.84, after it announced the sale of its aircraft leasing business for about $5.4 billion.

U.S. factories increased output in November for the fourth straight month, led by a surge in auto production. The gains show manufacturing is strengthening and could help boost economic growth.

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