Only Russell in the green
The Russell 2000 (NYSE: IWM) is the only major U.S. index in positive territory, while the Dow (INDU) has taken a stumble.
At 10:22 a.m. ET, the small-cap index had added 3.92 points, or 0.48%, to 828.66. The Dow Jones Industrial Average was down 14.63 points, or 0.10%, to 14,072.92.
With little on the economic front, investors are focusing their attention on news of more mergers and acquisitions.
Toronto-Dominion Bank (NYSE: TD) reported before the opening that it has agreed to buy Cherry Hill, N.J.-based Commerce Bancorp, Inc. (NYSE: CBH) for $8.5 billion in cash and stock. The deal, which will make TD Bank owner of Commerce’s more than 420 branches in eight east coast states, is expected to close in the first half of 2008 pending regulatory approval.
In other news from the financial sector, Citigroup Inc. (NYSE: C) has agreed to purchase the remaining 32% stake of Japanese brokerage Nikko Cordial Corp. for $4.6 billion. New York-based Citigroup, the largest U.S. bank by market capitalization, first purchased more than 50% of Nikko in April.
Elsewhere, Luxembourg-based ArcelorMittal (NYSE: MT), the largest steel company in the world, announced that it will pay $542 million for the remaining stake in Argentina-based steelmaker Acindar.
Overseas, Asian exchanges produced solid gains, with Hong Kong’s Hang Seng Index adding 3.9%, while Tokyo’s Nikkei 225 gained 1.2%.
The major European exchanges also rose. The United Kingdom’s FTSE 100 climbed 0.5%, Germany’s DAX 30 increased 0.5% and France’s CAC-40 gained 0.8%.
