Deals
Stocks Gain on Takeover Speculation; Oil Slides
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U.S. stocks gained as takeover speculation fueled a late-day rally in chipmakers, overshadowing comments by Federal Reserve Chair Janet Yellen that an interest-rate increase may be warranted this year. Treasuries rose and the dollar dropped for a second straight week. Oil slid.
The Standard & Poor’s 500 Index climbed 0.2 percent at 4 p.m. in New York, trimming its worst weekly slide since January. Biotechnology shares rebounded from a four-day drop. The Stoxx Europe 600 Index rose 0.3 percent and the euro was little changed at $1.09. The yield on 10-year Treasuries slid four basis points to 1.95 percent. U.S. oil sank more than 6 percent in extended trading and copper dropped from a two-month high.