Economics
U.S. Stocks Almost Erase Drop on Deals, Microsoft; Dollar Gains
- Timer Warner jumps on speculation AT&T is pushing for takeover
- Microsoft surges to record high after results as GE declines
Sri-Kumar: No Quick Change Coming for U.S. Economy
Photographer: Yuriko Nakao/BloombergThis article is for subscribers only.
U.S. stocks almost erased their losses amid deal talks while Microsoft Corp. surged to a record after its earnings topped estimates. The dollar rose to a seven-month high.
Consumer shares climbed after British American Tobacco Plc’s $47-billion bid for Reynolds American Inc. and reports that AT&T Inc. is pushing to clinch an agreement to buy Time Warner Inc. The rally offset disappointing outlooks from General Electric Co. and Advanced Micro Devices Inc. and concern that a stronger greenback will damp corporate earnings. Oil held above $50 a barrel as investors assessed the likelihood of a deal to reduce supply.