US stocks rallied overnight after G20 leaders agreed to keep economic stimulus measures in place. Gains in commodity-linked shares on the back of stronger commodity prices also helped to support the market’s rally.
The Dow Jones Industrial Average is up 204 points to 10,227. The S&P500 Index is 24 points higher at 1,093 and the NASDAQ gained 42 points to 2,154.
In company news: Shares in marketer of packaged foods Kraft Foods Inc (NYSE:KFT) fell 0.93 per cent to $26.53. The company has made a hostile takeover bid for UK chocolate maker Cadbury worth $16.3 billion after the two companies failed to reach a deal on the original offer. Cadbury rejected Kraft’s first offer of $16.7 billion in September.
Shares in diversified technology, media and finance company General Electric Company (NYSE:GE) added 3.39 per cent to $15.85 and shares in cable service provider Comcast Corp (NASDAQ:CMCSA) advanced 3.84 per cent to $15.15. The two companies have valued a joint venture between Comcast and GE’s NBC Universal at around $30 billion. Comcast is aiming to gain control of NBC Universal.
Shares in fast food chain McDonalds Corp (NYSE:MCD) rose 1.49 per cent to $62.64. The company reported a 3.3 per cent rise in same-store sales in October, while comparable US sales fell 0.1 per cent.
And shares in global provider of industrial automation power Rockwell Automation Inc (NYSE:ROK) declined 0.05 per cent to $43.30. The company posted earnings for the fourth quarter that were better than expected and also issued guidance for earnings in the next quarter in line with analysts’ expectations.
In the NASDAQ Top 100: Wynn Resorts was the best performer, adding 6.38% to $63.54, Followed by Joy Global and Broadcom. The worst performer was Liberty Media its down 6.02% to $11.40. Warner Chilcott and Garmin also closed lower on Monday.
