U.S. stocks rose yesterday, briefly sending the Standard & Poor's 500 Index above 2,000 for the first time ever, as corporate deal-making and prospects for economic stimulus in Europe bolstered confidence in the bull market.
The S&P 500 rallied 0.5 percent to close at 1,997.92 in New York, paring gains in the afternoon after holding above 2,000 for less than two hours and reaching a record 2,001.95. The Dow Jones Industrial Average increased 75.65 points, or 0.4 percent, to 17,076.87. About 4.3 billion shares changed hands in the U.S. today, 23 percent below the three-month average.
"It's an affirmation by the market that they think corporate profits growth is going to continue to be strong for the foreseeable future," Doug Handler, chief U.S. economist for IHS in Lexington, told the Herald.
IHS also sees no major indicators that would derail that growth, which requires costs to remain under control and revenue growth to continue. "We've seen commodity and energy prices stay calm even in the face of a lot of potential global crises," Handler said. "We do see strong underlying economic growth continuing until next year."
Merger and acquisition activity led to some of the biggest moves in the market yesterday. Burger King Worldwide Inc. added 20 percent after saying it's in talks to buy Tim Hortons Inc. and move its headquarters to Canada. InterMune Inc. surged 35 percent after Roche Holding AG bought the biotech company for $8.3 billion. Morgan Stanley climbed to the highest since 2009, and JPMorgan Chase & Co. and Goldman Sachs Group Inc. gained more than 1.3 percent.
Herald wire services contributed to this report.
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