The stock market has been a small upward spiral lately which I’m sure has many people very happy. And in the last few days thanks to companies like Fedex that hotstreak is still going.

Wall Street was cheered after mining company Phelps Dodge Corp. said it will pay $40 billion in cash and stock for rivals Inco Ltd. and Falconbridge Ltd., while steelmaker Arcelor SA agreed to a $33 billion bid from Mittal Steel Co.

In addition, Dow Jones industrial Johnson & Johnson agreed to buy fellow Pfizer Inc.’s consumer products unit for $16.6 billion.

Merger-and-acquisition activity is seen as a sign of economic health, as major companies aren’t expected to make major deals if they expect a decline in the economy. Yet Wall Street’s boost from these deals could be short-lived as investors continue to fret over just how far the Fed will raise rates to combat inflation.

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