U.S. Stocks Advance Amid Increases in Energy, Technology Shares
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U.S. stocks rose, trimming the Standard & Poor’s 500 Index’s weekly loss, as gains in energy and technology shares were enough to overcome concern that an impasse over raising the federal debt limit is putting the nation’s top credit rating in jeopardy.
Google Inc. jumped 13 percent after reporting sales that beat predictions, a sign that it’s making progress expanding beyond search advertising. Petrohawk Energy Corp. rallied 62 percent as BHP Billiton Ltd. agreed to buy the oil and gas company for $12.1 billion in cash. Gauges of energy stocks and technology companies advanced at least 1.5 percent. Clorox Co. rose 8.9 percent after Carl Icahn offered to buy the company.