S&P 500 touches 2000 for first time

August 25
STOCKS
S&P 500 touches 2000 for first time

The stock market notched another first Monday as the Standard & Poor’s 500-stock index briefly nudged past the 2000-point mark and closed with its second record high in a week.

The move was the latest milestone in a five-year rally for U.S. stocks, which are enjoying a late-summer revival after dipping earlier this month on concerns about geopolitical tensions.

News on Monday that Burger King is in talks to acquire doughnut chain Tim Hortons and create a new holding company headquartered in Canada had stocks pointing higher in premarket trading. That built on word over the weekend that California biotech company InterMune agreed to sell itself to Swiss pharmaceutical company Roche for $8.3 billion.

The S&P 500 crossed above 2000 in the first hour of trading. The index fluctuated above and below the milestone throughout the day and ended just below that mark.

All told, the S&P 500 added 9.52 points, or 0.5 percent, to 1997.92. It closed at a record last Thursday of 1,992.37.

The Dow Jones industrial average rose 75.65 points, or 0.4 percent, to 17,076.87. The Nasdaq composite gained 18.80 points, or 0.4 percent, to 4557.35.

— Associated Press

ACQUISITIONS
Lockheed buys energy start-up

Defense giant Lockheed Martin acquired a Massachusetts-based energy start-up for an undisclosed sum Monday.

Sun Catalytix, a developer of affordable energy storage technology, was co-founded by a Harvard chemistry professor. The company is developing a technology that uses inexpensive materials to split water molecules and generate renewable energy.

Sun Catalytix received a $4 million contract from the Energy Department in 2010 and a $9.5 million round of funding from Indian company Tata Limited and Polaris Ventures the same year.

It will become a wholly owned subsidiary of Bethesda, Md.-based Lockheed called Lockheed Martin Advanced Energy Storage.

— Amrita Jayakumar

Also in Business

— From news services

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