Dow, S&P reach yet another record
The Dow Jones industrial average and S&P 500 scored new highs once again this year, including the 19th record for the S&P in 2014 on Monday.
The Dow Jones industrial average and S&P 500 closed higher for a fourth straight time.
The results came on the heels of large mergers announced by Tyson (TSN) and Merck (MRK), both which made multibillion-dollar deals on Monday.
Tyson said it made a “unilaterally binding offer” to acquire Hillshire for $8.55 billion, while Merck will acquire Idenix Pharmaceuticals for $3.85 billion. Idenix Pharmaceutical’s stock jumped 229% to $23.79 after the news.
The Dow rose 18.82 points, or 0.1% to reach 16,943.10 at the close. The Standard & Poor’s 500 index, meanwhile, gained 1.83, or 0.1% to 1,951.27.
The S&P also reached an all-time high on Friday when it rose a point to 1,941.27, while the Nasdaq gained 14 points.