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Byline: NANCY GONDO
NYSE stocks rose early Monday and held most of their gains throughout the session. The Dow advanced 0.6% and the S&P 500 rose 0.8%. NYSE volume swelled, though merger news accounted for part of the increase. Small-cap stocks led their big-cap peers with a 2% jump. All three indexes closed lower in January.
Mergers helped give the market a lift. SBC Communications said it's buying former parent AT&T in a $16 billion deal.
Aviall surged 5.11 to an all-time high of 28.81 on its heaviest turnover in well over a year. The maker of aviation parts said it landed a $5 billion contract for distribution rights for certain GE engines.
First Marblehead rose 4.58, or 8%, to a new high of 64.33 on triple normal trade. The private education lender earned $1.12 a share in the fiscal second quarter ended Dec. 31, up 93% from last year and 7 cents above Wall Street views. Revenue jumped 101% to $155.8 million. The stock has more than quadrupled in price from its late October 2003 debut.
Coventry Health Care gapped up 2.15 to a new high of 56.90 on above-average volume. The managed health care firm last week completed its ...