Wall Street market report
- 25 August 2014
- From the section Business
(Close): US stocks advanced on Monday on the back of renewed corporate merger activity.
The S&P500 index hit an intra-day record high, tipping above 2,000. The index closed up 0.48% to 1,988.4.
The main corporate story was the merger talks between fast food giants Burger King and Tim Hortons.
Burger King rose more than 19% to $32.40 as the markets reacted favourably to Sunday's confirmation of the proposed deal.
While Canadian coffee and doughnut chain Tim Hortons advanced 19% to $74.72.
Nasdaq-listed video surveillance firm Digital Ally soared more than 78% on the back of strong demand from law enforcement agencies for its high-definition wearable cameras.