U.S.
stocks rose as minutes from the Federal Reserve’s latest meeting showed
officials were split on the timing for raising interest rates.
The
Nasdaq Biotechnology Index jumped after Mylan NV offered to buy Perrigo
Co. for $28.9 billion. Chevron Corp. and Exxon Mobil Corp. fell at
least 1.7 percent as oil retreated after data showed crude inventories
grew more than expected last week. Alcoa Inc. added 1.9 percent before
reporting earnings after the market’s close.
The
Standard & Poor’s 500 Index climbed 0.3 percent to 2,081.84 at 4
p.m. in New York. The Nasdaq Composite Index gained 0.8 percent, as
biotech shares rallied for a second day.
Fed
policy makers last month were divided over whether they would raise
interest rates in June, a debate that occurred before recent
disappointing payroll figures, according to minutes of the March 17-18
Federal Open Market Committee session released Wednesday.
While
some participants argued for higher rates in June, others said a rate
increase should be delayed until later in the year. A couple said the
economy probably wouldn’t be ready for tighter policy until 2016.
Source: Bloomberg
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