(As of 7:21 am PST)
It was a good start for
markets globally yesterday while the US stock market sat out the exuberance
with the observation of Labor Day.
International gains based on positive economic data in Asia and Europe
spilled over to US markets this morning with the Dow Jones Average being up
triple digits to start. The big news in
corporate acquisitions was Microsoft’s announcement to buy Nokia’s cell phone
operations. Microsoft intends to make Finland (home to Nokia) its base of
operations for mobile phone operations.
Nokia soared in value while Microsoft was one of the biggest decliners
on the Dow. Another large acquisition
involved Verizon’s purchase of global cell phone powerhouse Vodaphone. Both are down after recording significant
gains in the days leading up to merger finalization. Gold is up and oil is down slightly. Worries over Syria are on the back burner
since nothing is likely to happen at least until Congress reconvenes later this
month. Expect investor anxiety to
continue at a high pace after European news is digested. Markets might give back some of these built
in gains as investors weigh the significant events that September might
provide.
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