The week started quietly. The focus was, as in recent weeks, on mergers and acquisitions.
Deals this past week included Alltel going private for $27.5 billion, General Electric selling its plastics unit for $11.6 billion, Hologic buying Cytyc for $6.2 billion, a unit of Morgan Stanley buying Crescent Real Estate for $6.5 billion, Payless ShoeSource buying Stride Rite for $800 million, Coca-Cola buying Glaceau for $4.1 billion, and Nasdaq buying Nordic exchange OMX for $3.7 billion.
In addition, Tracinda Corp. expressed an interest in buying the Bellagio from MGM Mirage, China invested $3 billion in private equity fund Blackstone, and Alcan rejected Alcoa's takeover offer attempt amidst talk of a higher bid from BHP Billiton.
The liquidity theme topped the headlines and kept the gains from the recent rally intact. The S&P was up 2 points on Monday, down 1 point on Tuesday, and down 2 points on Wednesday.
Then the focus shifted abruptly on Thursday.
To read more of Briefing.com's wrap-up (on Yahoo Finance), click here