Today in the markets
U.S. stocks were up Tuesday, pushing the S&P 500 to a new 5-year high, as investors grew hopeful about a potential merger between OfficeMax and Office Depot.
Canadian stocks closed higher as data pointing to strong German investor optimism eased fears that Europe’s biggest economy could be headed into recession.
The S&P/TSX Composite was up 123.58 points to 12,810.21, while the TSX Venture Exchange eased down 13.85 points to close at 1,171.80.
Active stocks included General Mills Inc. (NYSE: GIS, Stock Forum) rose 1.9% after the cereal maker reaffirmed its earnings outlook for 2013.
The Wall Street Journal reported Monday that OfficeMax Inc. (NYSE: OMX, Stock Forum) and Office Depot Inc. (NYSE: ODP, Stock Forum) were in advanced merger talks, sending OfficeMax up 21% to $13.00, and Office Depot up 9.4% to $5.02.
In Canada, Great-West Lifeco (TSX: T.GWO, Stock Forum) rose 2.4% to $27.43 on news that it will acquire Irish Life Group for $1.75 billion, via an agreement with the government of Ireland.
For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report