|08-27-2014, 01:56 PM||#1|
Wall Street opens higher, S&P 500 above 2000
U.S. stocks opened higher on Tuesday as investors took in a number of corporate deal news and economic reports. The S&P 500 Index held its gains above 2,000.
Traders were encouraged by figures showing orders of durable manufactured goods surged by a record 22.6 percent in July on the back of a jump in aircraft sales, and a rise in consumer confidence to its highest in seven years.
Consumer confidence in July improved further in August, hitting the highest since October 2007 at 92.4.This is up from 90.3 in July, and it was much stronger than the 89.0 forecasted by economists.
-The Dow Jones Industrial Average gained 0.29% or 49.83 points to 17126.64
-The S&P 500 index gained 0.16% or 3.28 points to 2001.20
-The NASDAQ Composite Index gained 0.11% or 5.07 points to 4562.43 . As of 10:28 a.m. ET
Burger King Worldwide Inc. confirmed it has agreed to buy Canadian coffee and doughnut chain Tim Hortons Inc. The companies said on Tuesday, in a cash and stock deal to create the world`s third-largest fast food restaurant group, with sales of about $23 billion.
Investors and tax experts say the main reason for Burger King to move its domicile to Canada is to avoid having to pay double taxation on profits earned abroad, as the company would have to do if it remained in the United States. Burger King’s shares jumped nearly 20% since the reports.
Amazon rose 1% after saying that it would buy Twitch, a video streaming company. Burger King rose 2 percent after confirming that it would buy Tim Hortons of Canada.
Best Buy slumped 5% after profits plunged at the consumer electronics store chain as more customers buy products online. Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent.
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