The Dow Gained 48 Points, Nasdaq adds 1

The Dow added 48.39 points today to close at 12,348.75 the Nasdaq gained 0.78 points to close at 2,417.88, and the S&P 500 added 5.30 points to close at 1,422.53. Oil rose $1.95 to close at $66.03.

Volume was modest with 2.94 billion shares trading on the NYSE and 2.00 billion trading on the Nasdaq. Decliners topped Advancers by a margin of 20:12 on the NYSE and 15:14 on the Nasdaq.

In Individual stories, Lone Star Technologies (NYSE: LSS) added 36.5% after United States Steel (NYSE: X) and Lone Star entered into a definitive agreement under which U. S. Steel will acquire Lone Star, a leading manufacturer of welded oilfield tubular goods, for $67.50 per share in cash. KMG America Corp. (NYSE: KMA) fell 43.8% after announcing that A.M. Best, following an annual review of the Company and its operating subsidiary, Kanawha Insurance Company, affirmed Kanawha's financial strength rating of "A-" but revised its outlook from "stable" to "negative". Until this review is completed, the Company is no longer comfortable with its 2007 earnings guidance provided earlier in 2007.

Tomorrow, investors will be looking for earnings from Checkpoint Systems (NYSE: CKP) and Global Payment (NYSE: GPN).

Tomorrow, traders will be looking for economic data on Personal Income/Spending, Chicago PMI, Construction Spending and University of Michigan Consumer Sentiment.

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