News Summary: Stocks rise on investor hopes

AP News
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Posted: Aug 06, 2012 5:15 PM
News Summary: Stocks rise on investor hopes

LAST WEEK'S COATTAILS: Stocks were riding a tail wind of optimism from the most recent U.S. job numbers released last week and hope for more action by European authorities to address that region's debt crisis.

KNIGHT RESCUED: Knight Capital said a group of investors agreed to put $400 million in the company in a deal that can be converted into a 73 percent stake in the firm. The company was brought to its knees after a software malfunction caused its computer systems to send erroneous orders flooding into the market, leading to a big loss.

OFFER FOR BEST BUY: Best Buy jumped 13 percent after founder and former CEO Richard Schulze offered to buy the company at a premium to its stock price.