Takeovers push stocks to 24th record of year

Stocks surged higher Friday as another round of corporate takeovers prodded investors to continue a largely uninterrupted months-long buying streak. The Dow Jones industrial average registered its 24th record close this year and the Standard & Poor’s 500 index came within striking distance of its record high.

A stronger-than-expected reading on consumer sentiment helped investors set aside some concern that consumers unnerved by higher gas prices would pare back spending and upend the economy’s smooth slowdown.

The latest takeover news, including deals involving marquee names like General Electric Co. and Microsoft Corp., signaled that the enormous amount of liquidity that has lubricated global stock markets in recent months doesn’t appear on the verge of evaporating.

According to preliminary calculations, the Dow rose 79.81, or 0.59 percent, to 13,556.53.

The Standard & Poor’s 500 index rose 10.00, or 0.66 percent, to 1,522.75, its highest level in more than six years.

The Nasdaq composite index rose 19.07, or 0.75 percent, to 2,558.45.