S&P 500 Erases Drop as M&A Deals Temper Manufacturing
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Most U.S. stocks rose, sending the Standard & Poor’s 500 Index to an almost two-month high, as takeovers helped the market recover from earlier losses triggered by data showing a contraction in manufacturing.
Financial and technology shares in the S&P 500 advanced, while industrial and commodity companies declined. Micron Technology Inc. rose 3.8 percent after agreeing to acquire Elpida Memory Inc., an Apple Inc. supplier. Amylin Pharmaceuticals Inc. added 8.9 percent as Bristol-Myers Squibb Co. agreed to pay $5.3 billion for the drugmaker. Best Buy Co. soared 5.9 percent after a report that founder Richard Schulze is close to making a bid for the electronics retailer.