Talk of more corporate deals sends stocks higher
NEW YORK (AP) — Talk of more deal-making is sending stock prices higher, setting the market up to continue a seven-week rally.
Reports that Office Depot and OfficeMax are discussing a merger come after several big corporate deals were announced in recent weeks. OfficeMax soared 20 percent, while Office Depot rose 9 percent.
The Dow Jones industrial average rose 53 points to close at 14,035 Tuesday. The Standard & Poor’s 500 index rose 11 to 1,530. The Nasdaq composite rose 21 points to 3,213.
The gains were widely shared, if slight. Nine of the 10 industry groups tracked by the S&P 500 rose, led by consumer staples.
Two stocks rose for every one that fell on the New York Stock Exchange. Volume was 3.7 billion shares, slightly higher than the recent average.