U.S. Stocks Rise as Intel, Deals Overshadow Iraq Violence
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U.S. stocks rose, with the Standard & Poor’s 500 Index paring its first weekly decline in a month, as a rally in Intel Corp. and corporate deals overshadowed concern that violence in Iraq will disrupt oil supplies.
Intel jumped the most in three years after raising its sales forecasts for the second quarter and the full year. Express Inc. surged 21 percent after Sycamore Partners said it plans to buy the clothing chain. Priceline Group Inc. dropped 3 percent after agreeing to buy OpenTable Inc. for $2.6 billion in cash. Citigroup Inc. fell 1.4 percent after the U.S. Justice Department said it will seek $10 billion as part of a probe into mortgage-backed bond sales.