S&P 500 Reaches New High

Stocks have rebounded from a five-day drop since Friday's strong job data.

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The S&P 500 closed at a record high Monday as the impact of strong employment numbers carried over from Friday and concerns eased over expectations that the Federal Reserve will lift its stimulus policy.

The S&P 500 rose 1.8 percent to 1,808.37, just above its Nov. 27 high of 1,807.23. The Dow Jones Industrial Average and the Nasdaq were also up.

The S&P 500 ended a five-day slump Friday after job data showed that the unemployment rate fell to a five-year low. Meanwhile, concerns that the Fed would end its stimulus policy as the economy rebounds have eased as officials indicate the Fed might delay taking action until after the new year.

Shares for Sysco, one of the largest food distributors in the country, rose more than 9 percent after the company said it would acquire rival US Foods for $3.5 billion.

[CNBC and AP]