The Joplin Globe, Joplin, MO

Business

February 24, 2014

Stocks return to record territory after deal news

NEW YORK — The Standard & Poor’s 500 index pushed into record territory Monday after a round of corporate deal making.

The index last closed at an all-time high nearly six weeks ago, then slumped as investors grew worried about slowing growth in the U.S. and China, as well as emerging markets like Argentina.

KEEPING SCORE: The S&P 500 rose 17 points, or 0.9 percent, to 1,853 as of 10:40 a.m. Eastern time, slightly above its record high close of 1,848 reached on Jan. 15. The Dow Jones industrial average rose 148 points, or 0.9 percent, to 16,250 and the Nasdaq composite rose 37 points, or 0.9 percent, to 4,300.

SUIT SAGA: Jos. A. Bank rose $4.83, or 9 percent, to $59.88 after Men’s Wearhouse increased its offer for the clothing retailer by 10 percent. Men’s Wearhouse rose $3.80, or 8 percent, $48.91.

ICAHN’S LATEST TARGET: eBay rose $1.64, or 3 percent, to $56.23 after the activist shareholder Carl Icahn disclosed a 2 percent stake in the company. Icahn is looking to replace several members of eBay’s board of directors.

THE CHIPS ARE UP: RF Micro Devices jumped 91 cents, or 16 percent, to $6.72 after the chipmaker said it was combining with TriQuint Semiconductor in an all-stock deal valued at about $1.56 billion. TriQuint soared $1.93, or 21 percent, to $11.15.

STREAMING DEAL: Netflix and Comcast agreed to a deal to ensure that the online video services’ TV shows and movies are streamed smoothly. No details were released about the cost to Netflix. Comcast gained 68 cents, or 1 percent, to $51.73 and Netflix was up $8.54, or 2 percent, to $440.33.

LATER THIS WEEK: Investors had little in the way of corporate earnings or economic data to sort through Monday. Fed Chair Janet Yellen will testify in front of the Senate Banking Committee on Thursday. Investors will also get several economic reports this week, including durable goods and U.S. fourth-quarter gross domestic product.

TREASURYS AND COMMODITIES: Government bond prices were flat. The yield on the 10-year Treasury note was unchanged from Friday at 2.74 percent. The price of oil rose 16 cents to $102.32 a barrel. Gold increased $11.20 to $1,334.80 an ounce.

 

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