Q1 'Window Dressing' Drives Stocks Higher
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Stocks continued to rise on Wednesday as the first quarter draws to a close, as money managers put cash to work in recent winners, an event traders refer to as window dressing.
The Dow rose 71.60 points to close at 12,351. Nasdaq added 20, while the S&P 500 jumped 9.
A nearly $6 billion bid unsolicited takeover bid for Cephalon (Nasdaq: CEPH) from Valeant Pharmaceuticals (NYSE: VRX) set a bullish tone Wednesday morning and stocks never looked back. Cephalon jumped over 28 percent to close above the $73 takeover bid, while Valeant surprisingly rose 13 percent.
Two IPOs also successfully debuted. Chinese internet company Qihoo 360 (NYSE: QIHU) lit-up trading desks, rising an astonishing 134 percent to $34.00 as investors clamored for the shares. Private-equity firm Apollo Global Management (NYSE: APO) had a more quiet debut, falling 4 percent after a solid pricing.
On the economic front, the ADP Employment report showed that the US added 201,000 jobs in March, which missed the economist median estimate of 208,000. The much-more important government Non-Farm Payroll number is due to be released on Friday.
The Dow rose 71.60 points to close at 12,351. Nasdaq added 20, while the S&P 500 jumped 9.
A nearly $6 billion bid unsolicited takeover bid for Cephalon (Nasdaq: CEPH) from Valeant Pharmaceuticals (NYSE: VRX) set a bullish tone Wednesday morning and stocks never looked back. Cephalon jumped over 28 percent to close above the $73 takeover bid, while Valeant surprisingly rose 13 percent.
Two IPOs also successfully debuted. Chinese internet company Qihoo 360 (NYSE: QIHU) lit-up trading desks, rising an astonishing 134 percent to $34.00 as investors clamored for the shares. Private-equity firm Apollo Global Management (NYSE: APO) had a more quiet debut, falling 4 percent after a solid pricing.
On the economic front, the ADP Employment report showed that the US added 201,000 jobs in March, which missed the economist median estimate of 208,000. The much-more important government Non-Farm Payroll number is due to be released on Friday.
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