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Tuesday, December 15, 2009
Stocks gain ground as energy stocks rally on Exxon Mobil's $31 billion deal
Filed under: Investing
Easing concerns over global credit problems and more signs of corporate dealmaking are giving stocks a moderate boost. Major stock indexes rose less than 1% in late afternoon trading Monday following news that Abu Dhabi had extended $10 billion to Dubai to help the Middle Eastern city-state stay afloat. Markets had been worried in recent weeks that debt problems in the struggling former boomtown could send ripples through global credit markets.Investors were also encouraged by Exxon Mobil's (XOM) $31 billion purchase of XTO Energy (XTO), which sent energy stocks sharply higher. The deal will help Exxon tap into the growing supply of natural gas in the U.S. and could signal more consolidation in the energy industry.
Continue reading Stocks gain ground as energy stocks rally on Exxon Mobil's $31 billion deal
Stocks gain ground as energy stocks rally on Exxon Mobil's $31 billion deal originally appeared on DailyFinance on Mon, 14 Dec 2009 16:15:00 EST. Please see our terms for use of feeds.
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