Stock Market Today: S&P 500 Closes Above 2,000 for the First Time
NEW YORK (TheStreet) -- U.S. stock markets pushed further into record territory Tuesday, with the S&P 500 hitting new highs and finishing above 2,000 for the first time and the Dow Jones Industrial Average reaching new records of its own.
The markets continued to trend up after the S&P 500's crossing of the 2,000-point milestone on Monday. Even with mixed readings coming from reports on durable goods and home prices, confidence remained from reassurances last week by Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi that ultra-low interest rates will remain intact.
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.
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 8.47% to $81.05. Ann (ANN) gained 4.83% to $41.87 after Reuters reported that the women's retailer has hired JPMorgan Chase to explore strategic alternatives, including a potential sale. Read More: Aug. 26 Premarket Briefing: 10 Things You Should Know --By Andrea Tse in New York Follow @AndreaTTse
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