U.S.
stocks advanced, with the Standard & Poor’s 500 Index posting its
best gain in more than three weeks, as health-care shares rallied on
deal speculation and energy producers rallied with crude oil.
The
main benchmark index halted a two-day slide as Pfizer Inc.’s busted
deal with Allergan Plc sparked speculation the two companies will now
turn their attention to other potential merger targets, sending
biotechnology companies to their strongest rally in more than four
years. An unexpected drop in crude stockpiles drove crude and energy
producers to their biggest gains in three weeks.
The
S&P 500 rose 1.1 percent to 2,066.71 at 4 p.m. in New York,
recovering from the biggest two-day drop since Feb. 9 as gains
accelerated in the final hour. After the longest span without a 1
percent move in more than a year, the index has posted two such swings
back to back.
Equities
held gains after minutes from the Federal Reserve’s last meeting showed
policy makers were worried that slowing world growth could reduce
corporate investment plans and restrain U.S. exports.
Following
Fed Chair Janet Yellen’s reiteration that future rate increases will be
gradual and the latest meeting minutes, traders are pricing in no
possibility of an April hike. December is now the first month with at
least even odds of a boost in borrowing costs.
Source: Bloomberg
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