Russell ready to rise again
The Russell 2000 (NYSE: IWM) futures are up and the small-cap index will likely open higher after a strong rally on Monday.
The bulls are ready to seize control of trading today following news of more mergers and acquisitions.
Toronto-Dominion Bank (NYSE: TD) reported this morning 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 will close in the first half of 2008 pending regulatory approval.
In more financial news, 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 Buenos Aires, Argentina-based steelmaker Acindar.
