Corporate-deal talk sends Dow closer to record high
BY Associated Press
Wednesday, February 20, 2013
2/20/13 at 2:01 AM
Talk of more deal-making sent the stock market higher Tuesday, putting the Dow Jones industrial average within reach of its all-time high.
Reports that retailers Office Depot and OfficeMax are discussing a merger came after big corporate deals for Heinz and Dell were announced in recent weeks. Some investors are betting that more deals could be on the way as buyers pay premium prices for publicly traded companies.
The Dow rose 53.91 points to close at 14,035.67. All it would take now is one good day to push the average above 14,164, the record high reached in October 2007.
"It seems that investors are more comfortable with taking risk right now," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.
