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Stocks Edge Higher Midday After Food Industry Deal

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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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