Economics
U.S. Stocks Snap Two-Day Slump Amid Optimism Over Budget
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U.S. stocks advanced, following a two-day decline in the Standard & Poor’s 500 Index, amid optimism lawmakers will reach a budget agreement before the end of the year and after economic data topped estimates.
Plains Exploration & Production Co. and McMoRan Exploration Co. surged at least 23 percent as Freeport-McMoRan Copper & Gold Inc. agreed to acquire them for about $9 billion. Citigroup Inc. gained 6.3 percent on plans to eliminate more than 11,000 jobs and pull back from some emerging markets. Apple Inc. fell 6.4 percent on concern about Nokia Oyj getting a leg up in China and traders betting that a recent rally may have sputtered.