Banking, Other Deals Drive Stock Indexes Higher

By  | 

New York, NY (AP) - Stocks are closing higher after another big
banking deal raised hopes that more acquisitions could be on the
way.

Toronto-Dominion Bank said Tuesday it is buying Chrysler
Financial, the automaker's old lending arm, from Cerberus Capital
Management LP for $6.3 billion. It was the latest example of a
healthy Canadian bank buying a U.S. lender battered by the
financial crisis.

According to preliminary calculations, the Dow Jones industrial
average rose 55, or 0.5 percent, to close at 11,533. The broader
S&P 500 index rose 8, or 0.6 percent, to close at 1,254. The Nasdaq
composite was up 18, or 0.6 percent, to 2,667.

More than two stocks rose for every one that fell on the New
York Stock Exchange. Trading volume was 809 million shares.

(Copyright 2010 by The Associated Press. All Rights Reserved.)