Closing bell: Private equity deals boost Nasdaq, Dow
Closing bell: Private equity deals boost Nasdaq, DowWall Street roared back Monday, erasing its losses of last week after private-equity buyout deals involving companies such as Four Seasons Hotels and OSI Restaurant Partners revived investors' belief that stocks still have room to run.
The technology-heavy Nasdaq composite index advanced 35.16, or 1.5 percent, to 2,365.95.
Silicon Valley's biggest tech stocks by market value were higher. Cisco Systems, Google, Intel, Hewlett-Packard, Oracle, Apple Computer, eBay, Yahoo, Gilead Sciences and Applied Materials all advanced.
The Dow Jones industrial average rose 119.51, or 1 percent, to 12,105.55. The Standard & Poor's 500 index was up 15.48, or 1.1 percent, at 1,379.78.
``Apparently there are a lot of entrepreneurial buyers who still find the stock market cheap and there is an enormous amount of money in their hands that can be used to buy companies,'' said Michael Metz, chief investment strategist at Oppenheimer.
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