Stock Finish Higher; Record Close for S&P 500

Business News

0  Updated at 3:27 pm, December 9th, 2013 By: EastIdahoNews.com
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iStock/Thinkstock(NEW YORK) — U.S. stock averages finished Monday with modest gains, following their first weekly loss in two months.
 
The averages were lifted by reports that lawmakers in Washington are moving closer to a budget deal, as well as reports about a big acquisition in the food industry.
 
Shares of food distributor Sysco rose after it announced an agreement to buy U.S. Foods for $8.2 billion.
 
The Dow Jones Industrial Average rose 5 points to close at 16,026. The Nasdaq Composite finished up 6 points at 4,069 — a 13-year high. The S&P 500 closed up 3 points at 1,808 for a record high.

Shares of Twitter traded Monday above the IPO price of $45.10, with the stock up almost 11 percent for the day.  The microblogging site’s stock closed at $49.14 a share.

Over the last five days Twitter is up almost 22 percent.

Some investors are growing more optimistic about the company’s new tools for advertising and advertisers.

American Airlines shares rose after the company completed its deal with US Airways to create the world’s biggest airline. That leaves four airlines controlling more than 80 percent of the U.S. air-travel market and with more power than ever to limit seats and boost profits.
 
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