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Stocks surge on Monday with a $39 billion corporate merger leading the way. Verizon Communications announced its plan to purchase fellow telecommunications giant T-Mobile USA. Both companies boasted greater than 3% increases in shares after the announcement. The positive economic news has increased investor’s confidence stateside, but turmoil abroad continues to linger. Japanese engineers succeeded in cooling nuclear reactors over the weekend that overheated as a result of the earthquake and tsunami that struck Japan earlier this month. This positive progress, unfortunately was not the only development over the weekend. An airstrike on Libyan military targets was initiated by a coalition, including the U.S. and its allies, this weekend as a measure to subdue Libyan leader Moammar Gadhafi. The airstrike , which began on Saturday, continued into Sunday and included hits to Moammar Gadhafi’s compound. Oil prices surged by $2 a barrel as a result of the attack. Investors fear that the conflict in the Middle East will grow as protesting has spread to other regions. On the economic calendar for today, The National Association of Realtors reported that existing home sales dropped in February to an annual rate of 4.88 million, falling below the anticipated reading of 5.05. Approaching mid day the major market indexes are all trending in the green. The Dow surged 205.52 points or 1.73% to 12064.04. The Nasdaq gained 55.59 points or 2.10% to 2698.91. The S&P 500 increased 20.89 points or 1.63% to 1300.09. The Treasuries 10-year yield was up 0.07 to 3.35%. Oil increased by 0.84 to $101.92 a barrel. The U.S. dollar was up 0.0005 to the Euro at $1.42. Author: Pamela Frost
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