Stocks edge higher midday after food industry deal

Stocks edge higher midday after food industry deal, reports of long-term budget deal

Associated Press
Stocks edge higher after Sysco acquisition
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FILE - In this Thursday, Oct. 31, 2013, file photo, Trader Sean Spain works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- The stock market is edging back into record territory, lifted by a big acquisition in the food industry and reports that lawmakers are moving closer a U.S. budget deal.

Food distributor Sysco rose the most in the Standard & Poor's 500 index midday Monday after it announced an agreement to buy US Foods for $8.2 billion. Sysco's stock jumped $4.12, or 12 percent, to $38.43.

The overall S&P 500 index climbed five points to 1,810 as of 11:41 a.m. Eastern time. That put the index above its record close of 1,807.23 from November 27. The Dow Jones industrial average rose 17 points to 16,037. The Nasdaq advanced 10 points to 4,073.

Stocks stuttered in early October when lawmakers couldn't agree on a U.S. budget, forcing a partial government shutdown.

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