The Nasdaq Composite jumped to another record Monday and the Standard & Poor’s 500 headed for its highest closing price ever on upbeat sentiment and a weakened dollar.
Fed Vice Chair Stanley Fischer said in a speech at the Council on Foreign Relations said improved infrastructure and private investment “can increase the potential of the economy and help confront some of [the Fed’s] longer-term economic challenges.” The economy is “performing reasonably well,” and inflation has firmed towards the Federal Open Market Committee’s 2% target.
The Chicago Fed National Activity Index improved to negative-0.08 in October from negative-0.23 previously, revised down from negative-0.14.
In corporate news, Australia’s Boral offered to buy Headwaters (HW) for $2.6 billion, Symantec (SYMC) said it will acquire LifeLock (LOCK) for $2.3 billion and MACOM Technology (MTSI) is acquiring Applied Micro Circuits (AMCC) for about $770 million.
Shares of Tyson were down 16% in early trading after the company reported disappointing fourth-quarter results and warned on guidance. The company also said Chief Executive Donnie Smith will retire.
The Dow Jones Industrial Average rose 0.2%, the Standard & Poor’s 500 added 0.4% and the Nasdaq Composite gained 0.5%.
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