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Markets Rally Despite Data

FOX Business: The Power to ProsperStocks closed solidly higher as traders cheered encouraging corporate news and shrugged off downbeat economic data and rising oil prices.

Today's MarketsThe Dow Jones Industrial Average gained 81.1 points, or 0.67%, to 12,279, the S&P 500 was up 9.3 points, or 0.71%, to 1,319 and the Nasdaq Composite climbed 26.2 points, or 0.96%, to 2,757. The FOX 50 gained 4.5 points to 926.  "The markets at this point are digesting a lot of what’s going on" around the world, said Cameron Short, a senior vice president at Stifel Nicolaus.  The telecom sector led gains, with companies like AT&T (NYSE:T) and Verizon Communications (NYSE:VZ) jumping. Mergers and acquisitions activity has been on the rise in recent weeks following AT&T's bid to acquire T-Mobile for $39 billion.   General Electric (NYSE:GE) said Tuesday it plans on acquiring about 90% of Converteam for about $3.2 billion.  The conglomerate hopes Converteam will provide a boost for to its electricity soluti...

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