Wall Street traded higher Monday on buyout news and consumer credit, with the Dow Jones industrial average ending above 13,300 for the first time.

Aluminum Company of America (Alcoa Inc.) announced Monday morning that it is going to make a hostile bid for Canadian aluminum rival Alcan Inc. for 27 billion U.S. dollars.

Alcoa Inc. said in its new release that it will make an offer Tuesday to acquire all of the outstanding common shares of Alcan Inc. for 58.60 dollars in cash and 0.4108 dollar of a share of Alcoa common stock for each outstanding common share of Alcan.

Shares of Alcoa rose 8 percent while Alcan surged over 30 percent.

Later Tuesday, the Federal Reserve reported that the U.S. consumer credit rose at an annual rate of 6.7 percent in March, the biggest gain since November.

For the first three months of this year, the nation's consumer credit increased at an annual rate of 4.6 percent, slightly higher than the 4.1 percent rate registered in the final quarter of last year.

The central bank's report showed that consumers boosted their borrowing even as energy prices were rising.

Boosted by the news, the Dow Jones industrial average rose 48. 35, or 0.36 percent, to 13,312.97, setting another record high.

The Standard & Poor's 500 index was up 3.85 points to 1,509.48 while the Nasdaq composite index fell 1.20, or 0.05 percent, to 2, 570.95.

Source: Xinhua