According to Bloomberg,
U.S. stocks rose, sending the Standard & Poor’s 500 Index above its record close, as investors weighed the timing of any cuts to Federal Reserve monetary support amid budget negotiations in Washington.
Sysco Corp. jumped 12 percent after the food distributor agreed to buy closely held US Foods in a deal valued at about $3.5 billion. Gilead Sciences Inc. advanced 1.4 percent after getting approval for a hepatitis C pill that may generate more than $6 billion in annual sales. McDonald’s Corp. (MCD) dropped 0.9 percent after November sales missed analysts’ estimates.
The S&P 500 rose 0.3 percent to 1,810.76 at 1:30 p.m. in New York. The Dow Jones Industrial Average added 30.89 points, or 0.2 percent, to 16,051.09. Trading in S&P 500 stocks was 6 percent below the 30-day average at this time of day.
Slideshow: The Best and Worst Investments of 2013
“People are getting more comfortable with the idea of tapering and the concept that the reason for the taper is that the economy is getting stronger,” Walter Todd, who oversees about $950 million as chief investment officer of Greenwood Capital Associates LLC in Greenwood, South Carolina, said by phone. “At the end of the day that’s a good thing not a bad thing. For the next week it’s just going to be speculation around the timing.”