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Deals Excite Nervous Markets

Dow up 126.81; private-equity boom not over yet; oil has highest close since August
By Greg Atwan,  Newser Staff
Posted Jul 2, 2007 8:06 PM CDT
Deals Excite Nervous Markets
High gas prices are posted at a Shell gas station in Menlo Park, Calif., Monday, July 1, 2007. Lower right gas price is for supreme full service. Oil prices fell Monday as investors sold to lock in profits from last week's rally, which drove prices above $70 a barrel for the first time since August....   (Associated Press)

(Newser) – The Dow rose 126.81 points to 13535.43 today, as several big deals assuaged traders worried the recent LBO spate is coming to an end. Chief among them, the Journal's Market Watch reports, was a $32.6B buyout of BCE, Canada's largest telecom, by a consortium including two US firms.

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Carlyle's flirtation with Virgin Media also added to strong manufacturing numbers in lifting the markets. The S&P inched up 16.08 points to 1519.43, and the Nasdaq climbed 29.07 to 2632.20, its best close in over 6 years. Meanwhile, crude was up 41 cents to $71.09 a barrel, oil's first close over $71 in nearly 11 months. (Read more BCE stories.)

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