NEW YORK (AP) — Stock rose on Monday, pushing U.S. market indexes to all-time highs. Twenty-First Century Fox rose following reports that the company is trying to consolidate its European satellite TV businesses.
KEEPING SCORE: The Standard & Poor’s 500 index rose 13 points, or 0.7 percent, to 1,891.66 as of 10:16 a.m. The record close for the index is 1,890, on April 2. The Dow Jones industrial average gained 98 points, or 0.6 percent, to 16,682. The Dow closed at a record high on Friday. The Nasdaq climbed 47 points, or 1.2 percent, to 4,120.
EUROPEAN CONSOLDATION: Twenty-First Century Fox rose $1.08, or 3.2 percent, to $35.22 following reports that the company is seeking to consolidate its European satellite television business.
GOBBLED UP: Pinnacle Foods surged $4.47, or 15 percent, to $34.95 after the company agreed to be acquired by Hillshire Brands. Pinnacle’s brands include Duncan Hines and Aunt Jemima, while Hillshire makes Jimmy Dean and Sara Lee products. Hillshire fell $2.20, or 6 percent, to $34.76.
OVERSEAS: Stocks in China and Hong Kong rose after authorities promised financial reforms. China’s Shanghai Composite jumped 2.1 percent to 2,052.87 after the country’s Cabinet promised in an announcement late Friday to allow local governments to issue bonds and to streamline the approval process for initial public stock offerings.
BONDS AND COMMODITIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.64 percent from 2.63 percent late Friday. The price of oil rose 73 cents, or 0.7 percent, to $100.71 a barrel.
