NEW YORK (AP) — Another quiet day, another quiet record. Stocks rose modestly Thursday, sending the Standard & Poor’s 500 index to another record high. Investors rallied behind a bidding war in the food industry as well as a somewhat positive report on the U.S. labor market.
Among the biggest gainers was deli meat and hotdog maker Hillshire Brands, which jumped $7.95, or 18 percent, to $52.76. Only two days after Pilgrim’s Pride made a $5.56 billion offer to buy the company, chicken company Tyson Foods stepped in to offer $6.2 billion. Investors expect that Tyson’s offer will start a bidding war.