U.S. stocks climbed, with the Standard & Poor’s 500 Index rising to a record, as Federal Reserve Chair Janet Yellen said the central bank may alter its strategy on stimulus cuts should the economy weaken. The yen gained on worsening Ukraine tensions while sugar surged.
U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record, as Federal Reserve Chair Janet Yellen said the central bank may change its strategy for reducing asset purchases should the economy weaken.
A block of 5,000 options betting on a 28 percent jump in Forest Laboratories Inc.’s shares that cost $2.55 million to buy last week more than doubled in value to $6 million today after Actavis Plc agreed to buy the drugmaker.
Takeover speculation, shareholder activism and regulatory scrutiny that erased about $2 billion from its share value are making options in Ariad Pharmaceuticals Inc. among the most expensive in America.
Investors may rotate into raw- material stocks in the Standard & Poor’s 500 Index after a gauge of commodity producers hit a “bottom” relative to the broader measure, according to Miller Tabak & Co.’s Jonathan Krinsky.
The euro rose to the highest in more than four years versus the yen after a German report showed Europe’s economic recovery may be gaining momentum, easing speculation the central bank will cut interest rates further.