Stocks edge higher; Sysco soars on deal news

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Associated Press

Posted on December 9, 2013 at 3:01 PM

NEW YORK (AP) — The stock market is back at a record high after a big acquisition in the food industry and as traders hope that a budget deal could be reached in Washington.

Sysco, a major food distributor, rose the most in the Standard & Poor's 500 index Monday after it announced an agreement to buy rival US Foods for $8.2 billion.

Stocks extended a rally from Friday that was driven by a report of solid U.S. job gains last month.

The S&P 500 index edged up three points, or 0.2 percent, to 1,808. That was a point higher than the previous record high it set on Nov. 27.

The Dow Jones industrial average gained five points, or 0.03 percent, to 16,025. The Nasdaq composite rose six points, or 0.2 percent, to 4,068.

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