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Article: Market rewards Alcoa's decision to drop bid for Alcan
- Article from:
- Tribune-Review/Pittsburgh Tribune-Review
- Article date:
- July 13, 2007
CopyrightCopyright 2007 Tribune-Review/Pittsburgh Tribune-Review. Provided by ProQuest LLC. (Hide copyright information)
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Alcoa withdrew its $33 billion hostile takeover bid of Canadian
aluminum rival Alcan Inc. after Australian mining giant Rio Tinto
Group pushed a $38.1 billion cash offer. The developments helped to
drive Wall Street to a new, unexpected standard.
Wall Street marched 283.86, or 2.1 percent, to 13,861.73 by
yesterday's close, helped by Wal-Mart Stores Inc.'s biggest gain in
sales in a month. The figures from the world's largest retailer
tripled analysts' predictions. Other favorable reports helped.
The Dow has set 28 records this year, showing off a strong U.S.
economy. Despite usually economy-shattering events -- such as 9/11,
the war on terrorists, fighting in Afghanistan and Iraq, and high ...