Stocks Rise on M&A Speculation; Treasuries Pare Gain, Oil Falls
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U.S. stocks rose, erasing an early drop, as speculation about corporate takeovers overshadowed a slide in energy producers sparked by a decline in oil. Treasuries pared gains as longer-term yields neared the lowest levels in more than a year.
The Standard & Poor’s 500 Index rose 0.2 percent to 1,094.16 at 4 p.m. in New York, adding to yesterday’s 1.2 percent rally. The 10-year Treasury yield was little changed at 2.63 percent, after slumping to as low as 2.58 percent, and the 30-year yield slipped 3 basis points to 3.74 percent. Oil retreated as U.S. government data showed total petroleum stocks surged to the highest level in at least 20 years.