Asian shares outside Japan declined on Tuesday, as investors eyed a slew of corporate earnings and the Federal Reserve's two-day meeting.» Read More
The Dow ended at another new high after Alcoa announced a takeover bid for rival Alcan, but the overall indexes closed mixed as Wall Street awaits Wednesday's Fed meeting. "The liquidity and M&A is continuing to drive the market," said Robert Pavlik, chief investment officer at Oaktree Asset Management.
Stocks wrapped up another record week as potential merger deals pushed the major markets higher. "The market responded very well this week to the raft of mergers and acquisitions announcements and private equity deals," said Quincy Krosby, chief investment strategist at The Hartford.
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Tonight, the final match up in the commodities and industrial region
Stocks erased nearly all of their losses for the year after investors interpreted comments from the Federal Reserve to mean that an interest rate hike is less likely.The S&P 500 and the Nasdaq turned positive for the year, erasing all of last month's selloff, while Dow Jones Industrials is still down slightly for the year.
Communities on Australia's north-west coast were battered on Friday by a severe tropical cyclone which reportedly killed one and tore roofs from homes with destructive winds and heavy flooding.
Cyclones off the coast of Western Australia forced the shut down on Thursday of almost half the country's oil production as well as a major iron ore export terminal, with more closures seen as two storms approach oil fields.
BHP Billiton, the world's largest mining company, and Rio Tinto, the world's second largest iron ore producer, are said to be considering separate $40 billion offers for Alcoa. But some analysts question the likelihood of such a deal.