U.S. stocks rallied on new data suggesting an economic pickup. Bobbi Rebell reports.
Stocks surged nearly across the board. Investors encouraged by strong U.S. data, shrugging off weak economic news from China and Europe. Financial and tech stocks led the way higher. Technical analyst Mark Newton of Newton Advisors: SOUNDBITE: MARK NEWTON, TECHNICAL ANALYST AND MANAGING MEMBER, NEWTON ADVISORS (ENGLISH) SAYING: "For the most part, U.S. investors are looking much more at what's happening to the U.S. economy right now. China has been volatile for some time." Intercontinental Exchange could wreck the proposed merger between the London Stock Exchange and Deutsche Boerse. ICE says it's considering bidding for the LSE. LSE shares rose to a record high and helped lift shares in Europe to a one-month high. Honeywell abandoned its bid to buy United Technologies. United Tech rejected the aircraft parts maker's $90.7 billion offer last week. Wynn Resorts, Las Vegas Sands, and other casino operators getting a bid after Macau's gambling revenue posted its smallest decline in 20 months. Kate Spade's comparable sales shot higher in the latest quarter, a sharp contrast to declining sales at rival handbag makers Coach and Michael Kors. Positive economic news for the U.S.: Auto sales showed no signs of a slowdown in February. Construction spending surged in January. Manufacturing activity shrank again in February, but new orders grew steadily and inventories improved.