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Most U.S. Stocks Rise as Takeovers Outweigh Technology Decline

Most U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second day, as optimism about takeovers outweighed a drop in technology shares following a report showing lower chip sales.

Freeport-McMoRan Copper & Gold Inc. rose 1.3 percent after Minmetals Resources Ltd. offered to buy Perth-based Equinox Minerals Ltd. for about $6.5 billion. Molycorp Inc. jumped 12 percent as the owner of the largest rare-earth deposit outside China bought most of a European producer. Hewlett-Packard Co. and Intel Corp. retreated more than 1.1 percent after the Semiconductor Industry Association said global three-month average chip sales dropped 1.1 percent.