US stocks advanced, after the Standard and Poor’s 500 Index witnessed its best daily performance in five months, in the middle of positive sentiment that mayhem between Russia and Ukraine will calm down and American airstrikes will send militants in Iraq retreating.
MannKind Corp. climbed 7.6% after Sanofi consented to paying the pharmaceutical as much as $925 million for rights to the only available inhaled insulin in the world. Kinder Morgan Inc. soared 10% after reporting intention to consolidate its energy venture.
Priceline Group Inc. added 2.6% after posting second-quarter bookings that were better than anticipated. Dean Foods Co. dropped 6.1% after withdrawing its full-year profit projection in the wake of instability in the diary market.
The S&P 500 jumped 0.3% to 1,937.28 as of 2:09 pm in New York, cutting an earlier gain of 0.7%. The Dow Jones Industrial Average climbed 22.28 points or 0.1%, to 16,576.21. The volume of stocks changing hands on the S&P 500 was 13% lower than the average for the past 30 days at the time of the day.
“There is some sense that geopolitical risk out there is waning, or at least the situation is better than the belligerent talk that was coming out in middle of last week. We’re at lower levels than we were two weeks ago, so there’s a better entry point if you look to add stocks to your portfolio,” Bill Schultz of Bethlehem, Pennsylvania-based McQueen, Ball & Associates told Bloomberg.
In the Middle East, US military planes and drones attacked Islamic State fighters multiple times in Iraq, while Egypt managed to broker a truce based on long-term agreements between Israeli and Palestinian negotiators.
According to Reuters, Chiquita Brands International Inc. added 31% to trade at $13.21 in its most impressive one-day gain since its 2002 IPO after it received takeover bids from Cutrale Group and Safra Group of Brazil.
To contact the reporter of this story; Jonathan Millet at email@example.com