Major stock indexes reached their best levels in close to a month on Monday following corporate buyouts.
The decision of American International Group to sell of its Asian life insurance division boosted shares of the company and pulled up the larger market. Stocks of the company rose $1.01. The decision for big businesses to agree to takeovers signals market confidence and encourages investors.
At closing, the Dow was up 78.53, or 0.8 percent, to 10,403.79, marking the best close in over a month but still 322 points below the year’s high in mid- January. For the year, the Dow is down only 24 points.
The broader S&P 500 index also made gains, tacking on 11.22, or 1 percent, to close at 1,115.71. Like the Dow, these are best numbers for the index since January 21. For the year, the index is up 0.1 percent.
The Nasdaq climbed 35.31 points, or 1.6 percent for the day reaching 2,273.57 and up 0.2 percent for the year.
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