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U.S. stocks rise
Published in Saudi Press Agency on 18 - 10 - 2004

Stocks rose on Wednesday, lifted by a merger between retailers Kmart and Sears, better-than-expected earnings from computer maker Hewlett-Packard and government data showing a moderate rise in a key U.S. inflation measure.
The 0.2 percent rise last month in the consumer price index, excluding volatile food and energy, helped to ease investors' concerns about the Federal Reserve aggressively raising interest rates.
Dow component Hewlett-Packard Co. rose 5 percent to $20.69 a day after the No. 2 computer maker posted a 27 percent jump in quarterly profit.
In a major corporate deal, discount retailer Kmart Holding Corp. will buy department store operator Sears, Roebuck & Co. in a surprise $11 billion transaction that creates the third-largest U.S. retailer. Shares of Sears rose 21 percent to $54.75 on the New York Stock Exchange, while Kmart's stock gained 16 percent to $117.72 on the Nasdaq.
The Dow Jones industrial average was up 101.10 points, or 0.96 percent, at 10,588.75. The Standard & Poor's 500 Index was up 12.01 points, or 1.02 percent, at 1,187.44. The technology-laced Nasdaq Composite Index was up 29.87 points, or 1.44 percent, at 2,108.49. --More 1859 Local Time 1559 GMT


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