Stocks Rise on Takeovers, Economy; U.S. Treasuries Retreat

Stocks climbed, driving benchmark U.S. and European indexes to at least 2 1/2-year highs, as takeovers, faster global growth and reduced tension in Egypt boosted investor optimism in the economy. Ten-year Treasuries fell, while Egypt’s bonds rose and its currency weakened.

The Standard & Poor’s 500 Index rose 0.6 percent to 1,319.05 at 4 p.m. in New York and the Stoxx Europe 600 Index gained 1 percent. The 10-year Treasury yield climbed for a sixth day, up one basis points at 3.65 percent. Egypt’s 2020 bond yield sank 37 basis points to an eight-day low of 6.22 percent and the currency slumped 1.6 percent to a six-year low versus the dollar. Copper reversed gains after touching a record.