Markets Up At Opening
A merger! Some actual activity between major companies! Buy! Buy!
That's how Wall Street reacted this morning to news that Michigan-based home builder Pulte Homes would buy Texas-based builder Centex for $1.3 billion in stock.
In the first 15 minutes of trading, the Dow is up 40 points, or about half of 1 percent.
The broader S&P 500 is up about .75 percent and the tech-heavy Nasdaq is up a strong 1.5 percent.
Consolidation is natural in troubled industries but merger activity has largely been seized up over the past several months because the credit necessary for these activities has been frozen.
The home-builder merger breathed life into a moribund M&A market and helped send the markets up at opening today, reversing a two-day slide.
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