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 Dow Jones industrial average rose 75.65 points, or 0.45%, to 17,076.87, while the Nasdaq Composite added 18.80 points, up 0.41%, to 4,557.35.

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.

Other risers included United States Steel Corp., up 2.6%, and PepsiCo, up 1.74%.

Financials were in favour on the Dow Jones, with Goldman Sachs up 1.37%, JP Morgan Chase up 1.45%, and American Express ticking up 0.8%.

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.