U.S. stocks rose, with benchmark indexes erasing losses for the year, as Pfizer Inc. announced a $17 billion deal and energy producers climbed with crude. Treasuries fell, while the euro strengthened as investors assessed negotiations on Greece™s bailout.
The Standard & Poor™s 500 Index added 1 percent at 4 p.m. in New York, capping a recovery from a 3.1 percent slide in January. The yield on 10-year Treasuries advanced six basis points to 1.81 percent. Greek 10-year yields were little changed at 9.69 percent after erasing an earlier surge. The euro strengthened 1.2 percent to $1.1484. West Texas Intermediate crude rose 4.2 percent to settle at $50.48 a barrel. Natural gas futures slid to a 31-month low in New York.
Applications for U.S. unemployment benefits hovered around levels that are typically associated with an improving job market, data showed a day before the government releases its monthly labor report. Pfizer agreed to buy Hospira Inc., the biggest provider of injectable drugs and infusion technology. The first direct talks between Greece and Germany since a new anti-bailout government took power in Athens last week yielded no agreement on how to narrow their differences.
Source : Bloomberg