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Dow's 283.86 point gain is biggest in 5 years; Rio Tinto buys Alcan
By Greg Atwan,  Newser User
Posted Jul 12, 2007 3:43 PM CDT
A woman leaves the head office building of Alcan Inc. in downtown Montreal in this Oct. 17, 2001, file photo. Mining giant Rio Tinto has offered to buy Canadian aluminum company Alcan Inc. for US$38.1...   (Associated Press)
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(Newser) – The Dow soared 283.86 points to 13861.73 today, its largest single-day rally since 2002 and another record close. Traders ignored ongoing bearish rumors from the subprime sector, focusing on better-than-expected June reports from a host of retailers including Wal-Mart, J.C. Penney and American Express.

Canadian aluminum behemoth Alcan warded off a hostile takeover bid from rival Alcoa by agreeing to a $32 mil buyout offer from Australia's Rio Tinto, further buoying the nervous markets. The Nasdaq added 49.94 to close at 2701.03, a year-long apex, and the S&P 500 climbed 28.94 to 1547.70.