Earnings, corporate deals lift stocks, like Harley-Davidson
NEW YORK -- Corporate deals and some solid earnings reports propelled the stock market to its sixth straight gain Tuesday.
Allergan surged after Valeant Pharmaceuticals said it had teamed up with activist investor Bill Ackman to make a bid for the Botox maker. Netflix and Harley-Davidson rose sharply after reporting earnings that beat analyst's expectations.
Stocks are rebounding from a slump earlier this month when investors dumped high-flying biotechnology and Internet stocks. The gains over the past week have been driven by a combination of better economic news and respectable, if not spectacular, earnings reports.
"We were definitely oversold, there's no question about that," said Phil Orlando, chief equity strategist at Federated Investors. "Earnings, by and large, haven't been worse than we thought and the economic news has actually been a little better."
The Standard & Poor's 500 index rose 7.66 points, or 0.4 percent, to 1,879.55. The six consecutive gains in the index marks the longest winning streak since September.
The Dow Jones industrial average climbed 65.12 points, or 0.4 percent, to 16,514.37. The Nasdaq composite gained 39.91 points, or 1 percent, to 4,161.46.
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