U.S. Stocks Rise to Five-Year Highs Amid Merger Optimism
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U.S. stocks advanced, sending benchmark indexes to their highest levels in five years, on increasing optimism over dealmaking and a report showing rising investor confidence in Germany.
Office Depot Inc. soared 9.4 percent and OfficeMax Inc. surged 21 percent as a person familiar with the matter said the companies have discussed a merger and may announce a deal as early as this week. Bank of America Corp. and Citigroup Inc. rose more than 1.3 percent as financial shares rallied. Google Inc. jumped 1.8 percent, surpassing $800 for the first time.