S&P 500 Hits New All Time Highs

May 29, 2014 at 3:31 PM

Stocks rose at the open Thursday as the S&P 500 pushed further into record territory.

Investors were digesting the latest economic data that included a drop in jobless claims to near 2007 lows and a downward revision in gross domestic product that showed the economy contracted in the first quarter.

The Standard & Poor's 500 index was up 0. 2% and set a new all-time intraday high of 1,915.78. The broad-based index hit a record closing high of 1,911.91 Tuesday.

The Dow Jones industrial average gained 0.1% and the Nasdaq composite index rose 0.3%.

The yield on the 10-year Treasury note continued to fall, dropping to 2.41% from 2.44% late Wednesday. Long-term interest rates are at their lows for the year.

Shares of Hillshire Brands surged 16% after chicken producer Tyson Foods made a $6.8 billion offer for the deli meats and hotdog maker. The offer comes two days after Pilgrim's Pride made a $6.4 billion bid for the company.

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Source: USA Today

Category: Bizblog