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
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
● Hackers attacked Sony’s PlayStation Network and disrupted the travel plans of a top company executive by going on Twitter to suggest that there was a bomb on his American Airlines plane. Sony said American cut short the executive’s flight Sunday and made an unplanned landing in Phoenix. The plane, with 179 passengers and a crew of six, was scheduled to fly from Dallas to San Diego but stopped for what the FBI termed a security threat. American Airlines declined to comment on the threat. A Twitter account called Lizard Squad tweeted to American Airlines that there might be explosives on the plane carrying John Smedley, president of Sony Online Entertainment, which makes video games. Sony spokesman Satoshi Nakajima said Monday that Smedley was on the plane.
● A U.S. court threw out an order to seize some 1 million barrels of disputed Iraqi Kurdish crude oil from a tanker, a move that could allow the cargo to be delivered in Texas and end a nearly month-long impasse. The United Kalavrvta tanker, carrying about $100 million worth of Kurdish crude, has been anchored in international waters near Texas for weeks, as the Iraqi region of Kurdistan wages a legal battle over ownership of the oil with the central government of Iraq.
— From news services
● 8:30 a.m.: Durable-goods orders for July.
● 9 a.m.: S&P/Case-Shiller index of home prices for June.
● 10 a.m.: Consumer confidence index for August.●