U.S. stocks rose, with benchmark indexes briefly erasing losses for 2015, as Pfizer Inc. announced a $17 billion deal and energy producers climbed with crude oil. Treasuries fell, while the euro strengthened as investors assessed bailout negotiations among Greece and European leaders.
The Standard & Poor™s 500 Index added 0.8 percent at 12 p.m. in New York. 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 0.8 percent to $1.1431. West Texas Intermediate crude rose 6.7 percent to $51.67 a barrel, while natural gas futures slid to a 29-month low in New York.
Pfizer agreed to buy Hospira Inc., the biggest provider of injectable drugs and infusion technology. Applications for unemployment benefits hovered around levels that are typically associated with an improving job market. 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. The encounter came hours after Greece lost a critical funding artery when the European Central Bank restricted loans to its financial system.
Source : Bloomberg