US stocks up sharply at midday
NEW YORK (AP) — Stocks are rallying at midday, powered by two big corporate deals and news that suggests the economy is getting stronger.
As of noon (1700 GMT), the Dow Jones industrial average was up 145 points at 15,901. The Standard & Poor’s 500 index climbed 12 points to 1,787. The Nasdaq was higher by 29 points at 4,030.
All 10 industry groups in the S&P 500 were higher, led by energy and technology.
LSI Corp. rose after chipmaker Avago Technologies said it was buying the company for $6.6 billion. AIG was up after it announced the sale of its aircraft leasing business for about $5.4 billion.
The Federal Reserve said factory production accelerated in November as auto production surged. The gains show manufacturing is strengthening and could help boost economic growth.