NEW YORK (AP) — Stocks are rising after companies announced a series of acquisitions totaling more than $19 billion.
The Dow Jones industrial average is up 104 points, or 0.9 percent, to 11,375 at midday in New York. The S&P 500 is up 13, or 1.1 percent, to 1,192. The Nasdaq is up 17, or 0.7 percent, to 2,525.
The biggest deal of the day is Google’s $12.5 billion purchase of Motorola Mobility Holdings. Time Warner Cable, Cargill and Transocean also announced purchases of more than $1 billion.
The deals helped overshadow worries about the economy. Manufacturing in New York has worsened in August for the third straight month. Analysts expect concerns about another U.S. recession to keep stocks volatile in upcoming weeks. Investors also worry that Europe’s debt problems are worsening.