U.S. stocks fluctuated as Mylan NV rallied on a takeover offer, while investors assessed mixed corporate earnings from Travelers Cos. to Lam Research Corp. Gold advanced.
The Standard & Poor’s 500 Index slipped 0.1 percent at 12 p.m. in New York, after its best rally of the month Monday. The Nasdaq Composite Index topped 5,000 as Lam Research surged 8.2 percent after results beat estimates, while Travelers led the Dow Jones Industrial Average lower. The Stoxx Europe 600 Index jumped 0.6 percent. The euro erased a loss versus the dollar, and Greece’s 10-year bonds fell for a seventh day. Gold climbed on haven demand as concern grew about a possible Greek default.
Mylan rallied after Teva Pharmaceutical Industries Ltd. made an unsolicited offer to buy it for about $40.1 billion, in the drug industry’s largest takeover attempt this year. Investors assessed mixed earnings from Under Armour Inc. to United Technologies Corp. for clues on the strength of corporate balance sheets.
Source : Bloomberg