U.S. stocks rose, with benchmark indexes climbing to records, as earnings from Pfizer Inc. to Xylem Inc. beat estimates and data indicating slower growth fueled bets the Federal Reserve will maintain stimulus.
Sandvik AB, the world’s biggest maker of metal-cutting tools, posted third-quarter operating profit that missed analysts’ estimates as weak metals prices and a strong krona weighed on demand from mining clients.
Joy Global Inc., which generated the biggest shareholder returns of any industrial company in America over the past three years, would now be worth about 50 percent more as a takeover target for Komatsu Ltd. or Volvo AB.
Joy Global Inc., the world’s second-largest maker of mining equipment, refuted allegations made about its International Mining Machinery Holdings Ltd. unit and said it has a “high level of comfort” in the reported results of the business it bought in China last year.
Joy Global Inc. Chief Executive Officer Mike Sutherlin said the Milwaukee-based maker of mining equipment is considering acquisitions valued at more than $400 million and is in talks that may lead to a deal.
Oil reached a two-year high amid growing concern there will be an American-led military strike against Syria, while U.S. stocks rebounded following the worst two-day slump since June. Treasuries snapped a four-day advance and European shares declined.