S&P 500 Closes at Record High

May 27, 2014 at 8:14 PM

Stocks jumped Tuesday as investors sent the Standard & Poor's 500 index to new all-time highs.

Investors were encouraged by better-than-expected economic data and corporate deals.

The S&P 500 rose 11.40 points, or 0.6%, to a record closing high of 1,911.93, according to preliminary calculations. The broad-based index set a new all-time intraday high of 1,912.28, beating its previous all-time high of 1,902.17 set on May 13. The S&P closed above 1,900 for the first time Friday.

The Dow Jones industrial average gained 69.23, or 0.4% to 16,675.50 and the Nasdaq composite index surged 51.26, or 1.2%, to 4,237.07.

Shares of Hillshire Brands leaped more than 22% after Pilgrim's Pride offered to buy the meat producer for $6.4 billion. The deal could undo Hillshire's previous plans to acquire Pinnacle Foods for $4.2 billion. Pilgrim's shares rose about 1% and Pinnacle dropped about 6%.

In economic news, orders to factories for durable goods rose by a better-than-expected 0.8% in April, led by strong demand for military aircraft. Economists had predicted that orders would decline.

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Source: USA Today

Category: Bizblog