U.S. stocks rose, sending the Standard & Poor’s 500 Index to a two-year high, as a potential extension of tax cuts boosted shares and American International Group Inc. said it will repay its Federal Reserve credit line.
Bank of Nova Scotia is betting on the market for no-frills, high-interest banking with a proposed C$3.13 billion ($3.16 billion) purchase of the Canadian unit of ING Groep NV in its biggest acquisition.
Toronto-Dominion Bank became the fifth Canadian lender to report third-quarter earnings that topped analysts’ estimates even as the country’s biggest lenders warn of a slowdown in consumer lending next year.
Treasuries slid, sending the 10-year yield to a six-month high, while the Standard & Poor’s 500 Index closed at the highest level since 2008 amid speculation the potential extension of U.S. tax cuts will spur growth. Copper rose to a record on signs the global recovery will stoke demand.