NEW YORK (AP) -- Wall Street stocks jumped Tuesday, as a report that two companies want to buy aluminum producer Alcoa Inc. stoked investors' hopes that takeover activity is on the rise. In midafternoon trading, the Dow rose 85.80, or 0.68 percent, to 12,638.35, after rising by more than 100 points in earlier trading.
Broader stock indicators were also higher. The Standard & Poor's 500 index rose 9.41, or 0.66 percent, to 1,442.78, and the Nasdaq composite index rose 6.75, or 0.28 percent, to 2,457.13.
Australia-based mining companies BHP Billiton Ltd. and Rio Tinto PLC are each considering offering to buy Pittsburgh-based Alcoa for $40 billion, according to the Times of London.
The report comes amid Hindalco Industries Ltd.'s $3.6 billion offer to buy Canadian aluminum maker Novelis Inc., and drugstore operator CVS Corp. bumping up the value of its proposed buy of Caremark Rx Inc. -- signaling that the global economy has some muscle.
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http://biz.yahoo.com/ap/070213/wall_street.html?.v=25
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