U.S. stocks rose for the week, with the Dow Jones Industrial Average reaching a record, as earnings topped forecasts and the Federal Reserve said it would further trim bond purchases as the economy gains momentum.
Pepco Holdings Inc., an electricity and natural gas provider in the mid-Atlantic region, was sued by a shareholder who claims the company is undervalued in a proposed $6.8 billion takeover by Exelon Corp.
U.S. stocks advanced, sending the Dow Jones Industrial Average to a record, after the Federal Reserve said the economy is gaining momentum. Treasuries rose and the dollar dropped as the central bank signaled low rates would persist for a “considerable time.”
Kirkland & Ellis LLP is advising Exelon Corp., the largest U.S. nuclear operator, on its agreement to buy Pepco Holdings Inc. in an all-cash deal for $6.8 billion. Sullivan & Cromwell LLP and Covington & Burling LLP served as legal counsel to Pepco.