The stock market has crept to another record high after U.S. companies announced another handful of deals.
The Standard & Poor’s 500 index rose 1.8 points, or 0.1 percent, to close at an all-time high of 1,951 on Monday.
The Dow Jones industrial average nudged up 18 points, or 0.1 percent, to 16,943. The Nasdaq gained 14 points, or 0.3 percent, to 4,336.
Hillshire Brands jumped 5 percent after Tyson Foods won a bidding war for the maker of Jimmy Dean sausages.
Family Dollar’s stock jumped 13 percent following news that investor Carl Icahn has taken a stake in the discount retailer.
The drug company Merck announced a deal to buy Idenix Pharmaceuticals, boosting Idenix’s stock by 229 percent.
(AP)
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2 Responses
The problem with this is that so many people believed the “Obama is a Marxist” propaganda and sold all their stocks in November of 2008. That should teach them to listen to the right wingers!
People sold stocks in 2008 since the market was crashing. The phenomena of the mass of investors buying high, and selling low is well documents and appears to be repeating itself (I personally prefer to buy low and sell high). THe major factor moving stocks is probably the continued willingness of the Federal Reserve to print oodles of money and keep interest rates artificially low (the better to finance the federal debt) – which isn’t sustainable in the long run.