Stocks Rise to Start Week on Financial Optimism

Wall Street indices were headed higher to end the day Monday as bond insurers Ambac Financial (ABK) and MBIA (MBI) received affirmations of their ratings by Standard & Poor's. Having the credit crisis cripple bullish attitudes in the last few months today seemed like a sigh of relief more than anything. The next few weeks will be more telling if the major Financial firms can truly side step the lackluster "American Consumer"

MBIA rose almost 20%, while Ambac rose 15%. Other stocks making news today were Genentech (DNA) as it saw its Avastin breast cancer drug approved for further treatments by the FDA and Take Two Interactive (TTWO), makers of the Grand Theft Auto series of video games, which received a buyout offer of $2Billion by Electronic Arts (ERTS). Share of Take-Two jumped over 50% on the offer, which the company rejected based on future potential valuation.