S&P 500 at record on Best Buy earnings, CVS deal

GMT 20:46 2015 Thursday ,21 May

Arab Today, arab today S&P 500 at record on Best Buy earnings, CVS deal

Dow and S&P 500
New York - AFP

The S&P 500 finished at a new record Thursday following strong earnings from Best Buy and news that CVS Health would acquire senior pharmacy services company Omnicare for $12.7 billion.

At the closing bell, the S&P 500 was at 2,131.09, up 5.24 points (0.25 percent). That was about two points above Monday's record.

The Dow Jones Industrial Average added 3.94 (0.02 percent) at 18,289.34, while the tech-rich Nasdaq Composite Index rose 19.05 (0.38 percent) to 5,090.79.

Electronics retailer Best Buy surged 4.3 percent after reporting that first-quarter earnings translated into 37 cents per share, eight cents above analyst forecasts.

CVS said the purchase of Omnicare will enable it to boost prescription sales in assisted-living and long-term care facilities. The transaction comes on the heels of numerous deals in the pharma and health care industries.

Omnicare rose 1.7 percent, while CVS advanced 2.4 percent.

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