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Market Update

Standard & Poor's 500 hits 2,000 points for the first time, then edges back; Burger King soars

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FILE - In this May 11, 2007, file photo, a Wall Street sign is mounted near the flag-draped facade of the New York Stock Exchange. Global stock markets were mostly higher Monday, Aug. 25, 2014, after top central bankers in Europe and Japan said support for their economies would continue and additional help is possible. Investors are hoping the stock market will pick up steam this week. (AP Photo/Richard Drew, File) (The Associated Press)

The stock market hit another milestone as the Standard & Poor's 500 index briefly traded above 2,000 points for the first time.

The S&P 500 first closed above 1,000 points in February 1998.

On Monday the market rose as investors were encouraged by the latest round of corporate deal news.

Burger King soared 20 percent on news that the fast-food chain is in talks to buy Tim Hortons of Canada, which could save the company money on taxes.

The S&P 500 rose nine points, or 0.5 percent, to close at 1,997.

The Dow Jones industrial average rose 75 points, or 0.4 percent, to 17,076. The Nasdaq composite rose 18 points, or 0.4 percent, to 4,557.

Bond price rose. The yield on the 10-year Treasury note fell to 2.39 percent.