US stocks up sharply at close
THE ASSOCIATED PRESS December 16, 2013 8:30AM
Stocks moved higher on the last day of trading for 2013 as investors close out their portfolios and prepare for the New Year. | AP file photo
Updated: December 16, 2013 3:25PM
NEW YORK — Corporate deals and fresh evidence of a stronger economy gave the stock market a jolt Monday.
LSI Corp. rose Monday after chipmaker Avago Technologies said it was buying the company for $6.6 billion. AIG was up after it announced the sale of its aircraft leasing business for about $5.4 billion.
The Federal Reserve says factory production accelerated in November as auto production surged. The gains show manufacturing is strengthening and could help boost economic growth.
The Dow Jones industrial average jumped 129, or 0.8 percent, to close at 15,884.57. The Standard & Poor’s 500 index climbed 11 points, or 0.6 percent, to 1,786.54. The Nasdaq rose 28 points, or 0.7 percent, to 4,029.52.
The stock market has ended with weekly declines for two straight weeks.