U.S. stocks advanced on Monday as a string of takeover announcements and strong data underpinned investors' confidence in the economy and raised hopes of more acquisitions to come, Reuters reported. Bon-Ton Stores Inc. said on Monday it agreed to buy 142 stores from Saks Inc. for $1.1 billion in cash. Bon-Ton shares soared 22 percent to $20.32 while shares of Saks shot up 11 percent at $18.50 on the NYSE. ID:nWEN2913 "It's pretty clear that companies have made money and their cash positions are high and this should help the market stage an advance in November and December," said Hugh Johnson, chief investment officer of Johnson Illington Advisors. The Dow Jones industrial average was up 61.47 points, or 0.59 percent, at 10,464.24. The Standard & Poor's 500 Index was up 7.94 points, or 0.66 percent, at 1,206.35. The technology-laced Nasdaq Composite Index was up 25.96 points, or 1.24 percent, at 2,115.84. Better-than-expected economic indicators gave stocks a further boost. The Commerce Department reported U.S. consumer spending rose 0.5 percent last month as post-hurricane insurance payments led to the biggest jump in income in 10 months. The gain in spending matched expectations on Wall Street.
