S&P 500 topples another record; benchmark hits 2,000
U.S. stocks rose on Monday, with the S&P 500 hitting the 2,000 milestone, lifted by a round of corporate deals and optimism that the European Central Bank would embark on further moves to stimulate the European economy.
Trader on the floor of the New York Stock Exchange.
Stocks held gains after a report had new-home sales in July coming in below estimates.
Remarks Friday by ECB President Mario Draghi at the Jackson Hole, Wyoming, meeting of central bankers heightened expectations of additional policy easing.
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Burger King Worldwide is in talks to combine with Tim Hortons, the Canadian seller of coffee and doughnuts. Switzerland’s Roche Holding has agreed to acquire U.S. biotechnology company InterMune for $8.3 billion in cash.
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The Dow Jones Industrial Average climbed 101.63 points, or 0.6 percent, to 17,102.85.
Furthering its climb into uncharted terrain and topping the 2,000 mark, the S&P 500 was lately up 10.60 points, or 0.5 percent, to 1,999.00, with financials pacing sector gains.
The Nasdaq gained 26.16 points, or 0.6 percent, to 4,564.71.
For every share falling, more than two rose on the New York Stock Exchange, where 86 million shares traded as of 10:15 a.m. Eastern. Composite volume topped 357 million.
The dollar gained against other global currencies, including the euro; the 10-year Treasury yield declined a basis point to 2.394 percent.
Dollar-denominated commodities including gold and oil declined, with gold futures for December delivery falling $2.30, or 0.2 percent, to $1,277.90 an ounce and crude futures for October down 44 cents, or 0.5 percent, at $93.21 a barrel.
On Friday, stocks mostly fell, with the S&P 500 halting a four-session win streak that lifted it to a record, as investors weighed rising tension between Russia and Ukraine and speeches by the ECB’s Draghi and Federal Reserve Chair Janet Yellen.