Dow Reclaims 12,000
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Stocks started higher Monday and didn't look back as the nuclear crisis in Japan calmed with the U.S. Nuclear Regulatory Commission saying Tepco's Fukushima Dai-Ichi nuclear plant "is on the verge of stabilizing."
The Dow finished up 178 points and reclaimed the psychologically important 12,000 level. The Nasdaq added 48, while the S&P 500 added 19.
Stocks climbed despite a jump in crude oil after U.S. airstrikes in Libya over the weekend, which unstable Libyan leader Muammar Gaddafi classified as acts of terrorism.
Contributing to today's upside was AT&T's (NYSE: T) $39 billion deal over the weekend to acquire T-Mobile USA from Deutsche Telekom. The news has widespread consequences in the market today. Sprint (NYSE: S) was slammed 14 percent as it is seen as a major loser from the deal.
Other losers were cell tower stocks such as American Tower Corp. (NYSE: AMT), SBA Communications (Nasdaq: SBAC) and Crown Castle (NYSE: CCI), which were down 8, 9 and 5 percent respectively. Verizon Communications (NYSE: VZ) could be a winner, as shares closed up 2 percent today.
Apple (Nasdaq: AAPL) is considered another winner as the deal will open up the iPhone to millions of new customers. Apple ended the day 2.6 percent higher. AT&T closed up 1 percent, as positive sentiment about the merger weighed against antitrust concerns.
Also in the news today was Citigroup's (NYSE: C) surprise announcement of a 1-for-10 reverse stock split and the reinstatement of a 1 cent per share quarterly dividend. Shares closed down 1.5 percent to $4.43 on heavy volume of 818 million shares.
On the economic front, existing home sales for February fell 9.6 percent to an annual rate of 4.88 million units. The reading was less than the 5.13 million rate forecast by economists and represented a 9-year low.
The Dow finished up 178 points and reclaimed the psychologically important 12,000 level. The Nasdaq added 48, while the S&P 500 added 19.
Stocks climbed despite a jump in crude oil after U.S. airstrikes in Libya over the weekend, which unstable Libyan leader Muammar Gaddafi classified as acts of terrorism.
Contributing to today's upside was AT&T's (NYSE: T) $39 billion deal over the weekend to acquire T-Mobile USA from Deutsche Telekom. The news has widespread consequences in the market today. Sprint (NYSE: S) was slammed 14 percent as it is seen as a major loser from the deal.
Other losers were cell tower stocks such as American Tower Corp. (NYSE: AMT), SBA Communications (Nasdaq: SBAC) and Crown Castle (NYSE: CCI), which were down 8, 9 and 5 percent respectively. Verizon Communications (NYSE: VZ) could be a winner, as shares closed up 2 percent today.
Apple (Nasdaq: AAPL) is considered another winner as the deal will open up the iPhone to millions of new customers. Apple ended the day 2.6 percent higher. AT&T closed up 1 percent, as positive sentiment about the merger weighed against antitrust concerns.
Also in the news today was Citigroup's (NYSE: C) surprise announcement of a 1-for-10 reverse stock split and the reinstatement of a 1 cent per share quarterly dividend. Shares closed down 1.5 percent to $4.43 on heavy volume of 818 million shares.
On the economic front, existing home sales for February fell 9.6 percent to an annual rate of 4.88 million units. The reading was less than the 5.13 million rate forecast by economists and represented a 9-year low.
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