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.