Stocks open higher as traders overlook global news
NEW YORK (AP) — Stocks opened higher Wednesday as traders focused on a big pharmaceutical deal instead of the Japanese nuclear crisis and the battle for control of Libya.
Cephalon Inc. surged 28 percent after Valeant Pharmaceuticals International offered to take over the biopharmaceutical company for $5.7 billion in cash. Valeant, based in Canada, rose 10 percent.
The Dow Jones industrial average rose 65 points, or 0.5 percent, to 12,343. The broader Standard and Poor’s 500 index rose 7, or 0.5 percent, to 1,326. The Nasdaq composite rose 14, or 0.5 percent, to 2,770.