The Standard & Poor’s 500 Index closed yesterday at its highest level in five years in light of recent big tech retail companies Office Depot and OfficeMax negotiating a merger, showing off signs of high confidence among investors and consumers alike.
Also on Wall Street, the Nasdaq rose to its highest level in 12 years, climbing about 100 points, or .66 percent on the day, also reflecting a revival in consumer confidence the market has been lacking in recent years.
According to Bloomberg, the S&P 500 Index surged 0.7 percent to 1,530.94 at the close of the market in New York. The Dow Jones Industrial Average increased 53.91 points, or 0.4 percent, to 14,035.67. Both indexes closed at their highest levels since October 2007.
The S&P 500 Index is an price index compiled by 500 of the United States’ leading companies that rises and falls based on a number of economic indicators.