U.S. stocks rise for third straight day on merging news, China data

09:48, May 11, 2011      

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The U.S. stocks extended gains for the third straight session on Tuesday after Microsoft confirmed to buy Skype Technologies for 8.5 billion U.S. dollars.

The all-cash deal is the biggest ever in the software industry. Merging news always lifts the market because it shows companies are more optimistic about their future and the outlook of the wider economy.

Also boosting sentiment, China's trade data came in much better than expected, easing some concerns about a slowdown in the world' s second largest economy.

Data showed China's trade surplus reached 11.4 billion dollars, nearly four times greater than expected. Meanwhile, its exports hit a record, pointing to a healthy world demand.

Meanwhile,European officials said Greece may receive more aid soon as long as the debt-trapped country adopts further austerity and reform measures. The euro gained momentum on the news, snapping a four-day losing streak against the dollar on Tuesday.

As of Tuesday's close, the Dow Jones industrial average rose 75. 68 points, or 0.60 percent, to 12,760.36. The Standard & Poor's 500 gained 10.87 points, or 0.81 percent, to 1,357.16. The Nasdaq Composite Index rallied 28.64 points, or 1.01 percent, to 2,871.89.

Source: Xinhua
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