Stocks Rise as Deals Spur Drugmaker Rally; Oil Retreats

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U.S. stocks rose for a sixth day, the longest streak since September, amid a rally in drugmakers after more than $70 billion in global takeover offers. Oil fell the most in three months and coffee rose to a two-year high.

The Standard & Poor��s 500 Index (SPX) added 0.4 percent to 1,879.55 at 4 p.m. in New York, bringing it within 1 percent of its closing record of 1,890.90 on April 2. The Stoxx Europe 600 Index gained 1.4 percent. Allergan Inc. soared 15 percent and AstraZeneca Plc jumped 4.7 percent. West Texas Intermediate crude slid as much as 2.4 percent on estimates that U.S. supplies rose last week. Coffee futures surged as much as 8.3 percent on growing concern a drought in Brazil will create a supply shortage.

A wave of acquisitions across the pharmaceutical industry boosted share prices. Novartis AG agreed to buy GlaxoSmithKline Plc (GSK)��s cancer-drug business for as much as $16 billion while selling most of the vaccines division to Glaxo and an animal-health unit to Eli Lilly & Co. Valeant Pharmaceuticals International Inc. offered to buy Allergan in a cash-and-stock deal valued at $45.7 billion. Thirty companies in the S&P 500 disclose results today, while a further 121 members report before the end of the week.

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European Stocks Advance as Glaxo Shares Increase on M&A

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European stocks rose the most in seven weeks as health-care companies lead gains amid mergers and acquisitions activity.

GlaxoSmithKline Plc rose 5.2 percent after Novartis AG agreed to buy the U.K. company��s cancer-drug business and form a consumer-health venture with Glaxo. AstraZeneca Plc (AZN) jumped the most since August 2011 after reports that Pfizer Inc. discussed acquiring the drugmaker in informal, now-discontinued talks. Royal Philips NV posted its biggest decline in almost a year after the world��s biggest lighting company reported first-quarter profit that missed analysts�� projections.

The Stoxx Europe 600 Index added 1.4 percent to 337.03 at the close of trading, bringing its three-day gain to 3.2 percent, the most since June. The benchmark gauge advanced 1.1 percent last week as better-than-estimated U.S. data bolstered investor confidence that the economic recovery is on course.

Pro-Russian forces who seized buildings in eastern Ukrainian cities have said they are not bound by the deal reached by Ukraine, the European Union, the U.S. and Russia in Geneva last week. The government in Kiev accuses Russian President Vladimir Putin of stirring unrest and exploiting the situation to possibly prepare for an invasion, while the U.S. underlined its support for Ukrainian politicians.

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U.S. Stock Rise on Allergan Takeover Bid, Earnings Data

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U.S. stocks rose, with the Standard & Poor��s 500 Index poised for a sixth day of gains, as health-care shares rallied amid a $45.7 billion bid for Allergan Inc. and earnings from Netflix Inc. to Harley-Davidson Inc. topped estimates.

Allergan surged 16 percent after Valeant Pharmaceuticals International Inc. offered to merge with the maker of the Botox wrinkle treatment. Netflix soared 6.2 percent after saying it expects to increase prices for new customers. Harley-Davidson Inc. added 8.6 percent after its earnings release.

The S&P 500 added 0.6 percent to 1,883.38 at 12:37 p.m. in New York, headed for its longest rally since September. The Dow Jones Industrial Average climbed 107.18 points, or 0.7 percent, to 16,556.43. Trading in S&P 500 stocks was 4.3 percent below the 30-day average at this time of day.

The S&P 500 has advanced 3.7 percent in the past six days and is now 0.4 percent below its record high reached April 2. The index has added 1.9 percent in 2014. The Dow average is at its highest level since April 3 and within 20 points of its all-time closing high set Dec. 31.

Health-care stocks paced gains in the S&P 500 today with a 1.2 percent gain, as a flurry of deal activity boosted the sector. The Nasdaq Biotechnology Index rallied 3.5 percent as all but three of its 121 members advanced.

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U.S. Stocks Rise on Allergan Takeover Bid

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U.S. stocks rose, after the Standard & Poor��s 500 Index rallied five days, amid a $45.7 billion bid for Allergan Inc. and as earnings from Netflix Inc. to Harley-Davidson Inc. topped estimates.

The S&P 500 added 0.1 percent to 1,873.98 at 9:33 a.m. in New York. The Dow Jones Industrial Average climbed 16.47 points, or 0.1 percent, to 16,465.72 today.

The S&P 500 rose 3.1 percent in the past five trading days, its longest rally since October, as earnings from Citigroup Inc., Morgan Stanley and Yahoo! Inc. beat analysts�� estimates. The benchmark index is 0.9 percent below its record high reached April 2 and has added 1.4 percent in 2014.

Source : Bloomberg

Asian Index Futures Rise as U.S. Extends Climb; Oil Holds Drop

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Asian index futures rose as drugmakers drove U.S. stock gains, pushing the Standard & Poor��s 500 Index to its longest rally since September. Australia��s dollar held an advance before inflation data while crude oil traded near a two-week low before a report on U.S. supplies.

Futures on equity gauges in Australia and South Korea rose at least 0.2 percent in most recent trading, while Nikkei 225 Stock Average futures climbed 0.9 percent in Osaka. S&P 500 futures were little changed by 7:30 a.m. in Tokyo after a sixth rising day in the index, led by a 1 percent jump in health-care stocks. The Aussie was at 93.62 U.S. cents after gaining the most in two weeks yesterday. Crude oil in New York rose 0.2 percent after sliding the most in three months last session.

Allergan Inc., maker of the Botox wrinkle treatment, soared 15 percent in New York as it became the latest drugmaker to be targeted for takeover, helping U.S. stocks recover from a technology-driven rout. China��s economy is back in focus today, with the HSBC Holdings Plc/Markit Economics Ltd. manufacturing gauge, while Australian price growth is projected to have accelerated last quarter. Thailand reviews interest rates today and data on U.S. and European factory output is also due.

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