News Column

Burger merger sends Dow up

August 27, 2014

WALL Street's record-setting rally continued yesterday as the S&P 500 notched its 30th record of the year and closed above 2000 for the first time ever. The Dow also rose but fell short of its record closing high after setting an all-time intraday high earlier in the session.

The S&P 500 index rose 2.10 points, or 0.1 per cent, to close at a record 2,000.02 after rising as high as 2,005.04.

The Dow Jones industrial average gained 29.83, or 0.2 per cent, to 17,106.70, while the Nasdaq composite index rose 13.29, or 0.3 per cent, to 4570.64.

Shares of Canada'sTim Hortons jumped 8.47 per cent to $ 81.05 after Burger King said it would buy the company for about $11bn and move its headquarters to Canada. Burger King fell 4.32 per cent to $31 after rising 19 per cent on Monday when news of the tax inversion deal was first reported.

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Source: City A.M. (UK)

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