US STOCKS-S&P 500 hits record in broad market rally

lunes 24 de febrero de 2014 11:39 GYT

* S&P 500 hits record on merger, acquisition activity

* Insurance stocks rise after Humana comments

* Men's Wearhouse raises offer for Jos. A. Bank

* Indexes up: Dow 0.8 pct, S&P 0.7 pct, Nasdaq 0.8 pct

By Ryan Vlastelica

NEW YORK, Feb 24 (Reuters) - U.S. stocks rose on Monday, advancing in a broad rally as merger activity boosted the S&P 500 to an all-time high.

Despite the day's gains, many investors were concerned that markets were getting overvalued with recent data failing to meet expectations, though the latter has largely been blamed on harsh winter weather rather than worsening fundamentals.

RF Micro Devices Inc agreed to buy TriQuint Semiconductor Inc for about $1.6 billion, while Men's Wearhouse Inc raised its cash tender offer for rival men's clothing retailer Jos. A. Bank Clothiers Inc JOSB.O to $63.50 per share from $57.50.

Shares of RF climbed 15.5 percent to $6.70 while TriQuint gained 20 percent to $11.04. Men's Wearhouse rose 7.7 percent to $48.57 while Jos. A. Bank was up 8.8 percent at $59.89.   Continuación...