Stocks: Markets cheer tech deals

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NEW YORK (CNNMoney)

With two deals set to transform the technology industry, traders saw reasons for optimism coming back after the summer stock market doldrums.

In the second-biggest merger ever, Verizon (VZ, Fortune 500) said it will pay $130 billion to take full control of Verizon Wireless, and Microsoft (MSFT, Fortune 500) said it was buying Nokia's (NOK) mobile phone business for $7.2 billion.

Takeover Tuesday helped pushed the Dow, S&P 500 and Nasdaq up between 0.5% and 1.2%.

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However, investors had some reasons to remain wary, following reports of a ballistic missile launch in the eastern Mediterranean region, which revived concerns about a U.S.-led strike on Syria.

Israel's Ministry of Defense confirmed that Israeli forces and the U.S. Missile Defense Agency had carried out a missile test and said Israel would release further information about the launch soon.

European markets dipped slightly, while Asian markets ended between 1% and 3% higher.

Related: Wall Street is asleep: Volume at 5-year low

Manufacturing data in the U.S. came in above expectations, after better-than-expected manufacturing data was released in Europe and Asia over the long weekend.

Related: Fear & Greed Index

Buyers losing out: Investors didn't reward the two big buyers in the M&A market on Tuesday.

Shares of Microsoft dropped more than 4% following the deal, while Nokia's shares soared.

Verizon's stock dropped roughly 4% following the buyout.

End of cable drama: Investors like the agreement between Time Warner Cable (TWC, Fortune 500) and CBS (CBS, Fortune 500) to end a month-long blackout and restore CBS programming to about 3 million viewers, with both stocks rising.

First Published: September 3, 2013: 9:47 AM ET

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