S&P 500 index edges back into record territory; Sysco surges on $8.2 billion acquisition - InfoNews

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S&P 500 index edges back into record territory; Sysco surges on $8.2 billion acquisition

Specialist Anthony Rinaldi works on the floor of the New York Stock Exchange Monday, Dec. 9, 2013. The stock market is opening little changed following last week's strong U.S. jobs report. (AP Photo/Richard Drew)
December 09, 2013 - 1:15 PM

NEW YORK, N.Y. - The stock market is back at a record high after a big acquisition in the food industry and as traders hope that a budget deal could be reached in Washington.

Sysco, a major food distributor, rose the most in the Standard & Poor's 500 index Monday after it announced an agreement to buy rival US Foods for $8.2 billion.

Stocks extended a rally from Friday that was driven by a report of solid U.S. job gains last month.

The S&P 500 index edged up three points, or 0.2 per cent, to 1,808. That was a point higher than the previous record high it set on Nov. 27.

The Dow Jones industrial average gained five points, or 0.03 per cent, to 16,025. The Nasdaq composite rose six points, or 0.2 per cent, to 4,068.

News from © The Associated Press, 2013
The Associated Press

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