Merger News Pushes Markets Higher at Open
Wall Street opened higher this morning on the unofficial first day of fall, driven upward by merger news.
In the first 20 minutes of trading, the Dow is up 38 points, or about 0.4 percent.
The broader S&P 500 is up about 0.6 percent and the tech-heavy Nasdaq is up about half of 1 percent.
Food giant Kraft this morning announced a takeover bid for British candy-and-gum-maker Cadbury PLC, valued -- depending on the price of the stock today -- at about $16 billion.
Even though Cadbury has initially rebuffed Kraft's offer, the news encouraged traders that mergers may be making a comeback and bringing with them a healthier market.
-- Frank Ahrens
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September 8, 2009; 9:50 AM ET
Categories: The Ticker | Tags: Cadbury, Dow Jones, Kraft, nasdaq, s&p 500
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