Wall Street rises despite GDP shocker

M&A battle over Hillshire Brands pushes S&P 500 to new closing record.

US stocks shrugged off a greater-than-expected fall in GDP to close higher as a battle between two giant meat processors over hot dog maker Hillshire Brands pushed the S&P 500 to a new record.

The US economy contracted a surprising 1% in the first quarter as economists said a rebound was already firmly under way.

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