Stocks Surge, S&P 500 Closes at Record High on Merger Deals

Stocks surged on Monday, with the S&P 500 breaking through the 2,000 milestone, lifted by a round of corporate deals, including Burger King's move for Canadian coffee and doughnut chain Tim Horton's.The Dow Jones Industrial Average closed unofficially 75 points higher, the S&P 500 rose 9 points for a record close of 1997.94 after breaking 2,000 earlier in the session. The Nasdaq added 18 points. Burger King Worldwide shares surged 19 percent after it said it is in talks to combine with Tim Hortons, whose stock rose 18 percent. In other merger news, Switzerland's Roche Holding said it has agreed to acquire U.S. biotechnology company InterMune for $8.3 billion. The market optimism was also fueled by hope the European Central Bank would embark on further moves to stimulate the European economy. Remarks on Friday by ECB President Mario Draghi at the Jackson Hole, Wyoming, meeting of central bankers heightened expectations of additional policy easing.

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For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

IN DEPTH

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- Kate Gibson, CNBC.com