US STOCKS-S&P 500 at record in broad rally, Nasdaq at 14-year high

lunes 24 de febrero de 2014 13:09 GYT
 

* S&P 500 hits record, Nasdaq at 14-year high

* Insurance stocks rise after Humana comments

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

* Indexes up: Dow 1.1 pct, S&P 1.2 pct, Nasdaq 1.1 pct

By Ryan Vlastelica

NEW YORK, Feb 24 (Reuters) - U.S. stocks jumped 1 percent on Monday, with the S&P 500 climbing to an all-time high as optimism over merger activity helped Wall Street erase this year's early weakness.

Gains were broad, with nine of the 10 S&P 500 sectors up on the day and a number of bellwethers, including Caterpillar Inc and Merck & Co, hitting 52-week highs.

With the day's gains, the S&P 500 turned positive for the year while the Nasdaq hit a 14-year high. More than two-thirds of companies traded on the New York Stock Exchange rose on the day, while 63 percent of Nasdaq-listed companies gained.

"People are recognizing that while some economic data has been muted, there is still a lot of value in the market based on corporate cash positions and multiples. From a perspective of overall fundamentals, things look pretty good, especially relative to other asset classes," said Matthew Keator, partner in the Keator Group, a wealth management firm in Lenox, Massachusetts.   Continuación...