Stock Market Today: S&P 500 Poised to Close Above 2,000, Dow Sets Intraday Record
NEW YORK (TheStreet) -- U.S. stock markets broke into record territory Tuesday just a day after the S&P 500 crossed the 2,000-point milestone. Confidence remained from reassurances last week by top central bankers that the underpinnings of the stock market, as predicated by ultra-low interest rates, will remain intact.
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Signs of an improving economic recovery, headlines of Burger King's (BKW) confirmation that it will buy Tim Hortons (THI) for about $11 billion and Warren Buffett's involvement in Burger King's takeover move also were lifting investor sentiment.
AT&T moves one step closer to buying DirecTV:
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The Census Bureau reported Tuesday that U.S. durable goods orders jumped 22.6% in July vs. the 7.5% increase expected by economists, driven in large part by strong Boeing (BA) orders. Orders fell by a disappointing 0.8%, excluding transportation. Home price results were mixed. The June S&P/Case-Shiller 20-city home price index showed that home-price increases continued to slow in June, rising 8.1%. However, the June FHFA Housing Price Index came in above expectations at 0.4%.
The Conference Board's Consumer Confidence Index rose to a stronger-than-expected 92.4 in August. In the latest deals headlines, Warren Buffett is helping finance Burger King's takeover of Canadian coffee-and-doughnut chain Tim Hortons. Burger King confirmed Tuesday that it is buying Tim Hortons for about $11 billion, creating the world's third largest fast-food restaurant company with approximately $23 billion in sales. Tim Hortons surged 8.57% to $81.12. Amazon.com (AMZN) is buying streaming platform Twitch Interactive for $970 million in cash as it seeks to take part in video gaming's growth as an online spectator sport. Amazon was up 2.42% to $342.11. Best Buy (BBY) slumped 6.19% to $30.02 after the electronics retailer posted a bigger-than-expected decline in same-store sales and missed revenue expectations. Read More: Stock Market Today: Stocks Get Juiced as Yellen Argues for Labor Expansion --By Andrea Tse in New York Follow @AndreaTTse
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