Wall Street extends rally on light news and strong jobs data
Investors pushed major indices higher to start the week as blue chips and tech shares led gains while banks and construction stocks eased on rate hike fears. The Dow rose 87.78 to 10,558.37, the S P 500 climbed 8.76 to 1,150.57, and the Nasdaq advanced 21.95 to 2,079.12 amid expectations the Fed could tighten if jobs momentum continues.
MENTIONED IN THIS ARTICLE
New York
Ism
Wall Street
Federal Reserve
March
Standard & Poor
Stock Exchange
Penney Sells Eckerd to CVS for 4.5 Billion Swap
CVS to acquire about 1,260 Eckerd stores and related assets for 2.15 billion with plans to rename the chain. Jean Coutu gains 1,539 Eckerd stores in 13 Northeast and mid Atlantic states plus Florida headquarters for 2.38 billion, keeping Eckerd name. The deals create the largest U.S. drugstore operator by store count, surpassing Walgreens, while CVS lags Walgreens in 12 month revenue. Store quality concerns and market impact cited by analysts.
MENTIONED IN THIS ARTICLE
Dallas
CVS Corp
J.C. Penney
Eckerd
Walgreen Co
Penney
CVS
Canada
Jean Coutu Group Inc
CVS of Woonsocket, A.L
Texas
Florida
Jean Coutu
Mid- Atlantic
North America
U.S
Walgreen
New York Stock Exchange
Bank of America to cut 12,500 jobs after merger
Bank of America plans to reduce its workforce by 12,500 positions over two years as a result of its FleetBoston merger. The cuts, about 7 percent of the combined 181,000 staff, will begin this month with roughly 30 percent through attrition. The move aims to secure about 650 million in savings from overlapping operations.
MENTIONED IN THIS ARTICLE
Charlotte, N.C
Bank of America Corp
FleetBoston Financial Corp
Bank of America
Charlotte
Veronica Dawkins
Dawkins
Eloise Hale
Auto incentives rise as European brands lead March boosts
European automakers posted the largest incentive gain in March, up more than 25 percent from February, while combined sales fell 3 percent. Volkswagen led with higher outlays, while Detroit’s Big Three raised incentives to about 4,033 per vehicle as Asian brands climbed 8.1 percent to 1,432. Overall U.S. sales rose 3.8 percent year over year.
MENTIONED IN THIS ARTICLE
Detroit
Volkswagen
Autodata Corp
General Motors
Ford Motor Co
Credit Suisse First Boston
Chris Ceruso
Autodata
Toyota
Nissan
U.S
Iraq
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Fed
New England
Citigroup
Bank One
J.P. Morgan Chase
John Thain
Kenneth D. Lewis
Katherine Kinney
NYSE
Center
Kurt Riser
Odessa
Starkey
Johnson St
Big Spring
West Texas
Permian Basin
ONCOR
Prat
Liaaias
Carrier
Bosworth
West 42Nd Street
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