The S&P 500 rose 0.59% to 1,571.33 in afternoon trading Tuesday.

The Dow Jones Industrial Average was up 0.59% to 14,658.31, while the Nasdaq was up 0.75% to 3,263.33.

The yield on a 10-year treasury bond rose 1.41% to 1.87%.

The price of gold fell 1.61% to $1,574.20 per ounce.

Shares of Irvine-based drug maker Allergan Inc. rose about 2% to $114.62, a day after TheStreet Ratings reiterated a buy rating. Allergan had a recent market value of $34.14 billion.

Long Beach-based anti-aging skin care product maker Obagi Medical Products Inc. shares jumped about 16% in afternoon trading Tuesday to a market value of $399.33 million after Merz Pharma Group made a $383.5 million offer for the company, about a 12% premium compared with an earlier bid from Valeant Pharmaceuticals International Inc. Allergan's purchase of SkinMedica last year helped boost interest in topical skincare product makers such as Obagi.

Aliso Viejo-based chipmaker Microsemi Corp. fell about 3% to $21.97 for a market value of $2.01 billion.

Healthcare software maker Quality Systems Inc. in Irvine was up about 2% to $18.73 for a market value of $1.11 billion.