The S&P 500 rose 0.47% to 1,992.16 in midday trading.
The Dow Jones Industrial Average rose 0.59% to 17,156.79 and the Nasdaq rose 0.75% to 4,542.29.
The yield on a 10-year Treasury bond rose 0.36% to 2.54%.
The price of gold was down 0.33% to $1,220.70.
Irvine-based drug maker Allergan Inc. was up 3.9% to $175.70 and a market cap of $52.2 billion. Hostile suitor Quebec-based Valeant Pharmaceuticals International Inc. said it expects to report strong third quarter results, which boosted its stock 8% to $125 in midday trading. Allergan’s market cap is now just below the estimated $53 billion offer by Valeant.
Aliso Viejo-based Avanir Pharmaceuticals Inc. was up 2.4% to $11.59 and a market cap of $2 billion. The company priced its $200 million common stock offering at $11 a share for about 18.2 million shares. The offering is expected to close by Monday, September 29.