The S&P 500 rose 0.14% to 1,962.30 in midday trading Friday.
The Dow Jones Industrial Average was up 0.23% to 16,959.57, while the Nasdaq was up 0.73% to 4,360.06.
The yield on a 10-year Treasury bond declined 0.11% to 2.62%.
The price of gold was up 0.02% to $1,314.40.
HEALTHCARE
Irvine-based Allergan Inc. rose 2.1% to $164.88 to a market cap of $49.1 billion on sector strength indicated by Dublin-based Shire’s rejection of a $46.3 billion merger attempt by Chicago-based AbbVie Corp. Allergan is the target of a takeover by Laval, Canada-based Valeant Pharmaceuticals International Inc. Valeant is up 3.43% to $121.58 in midday trading, to a market cap of $40.8 billion.
HOSPITALITY
Aliso Viejo-based Sunstone Hotel Investors Inc. declined 2.1% to $14.72 and a market cap of $2.7 billion on expected dilution from its planned offering of 18 million shares. The company didn’t disclose a price for the shares, but said it expected approximate gross proceeds of $263.7 million, suggesting a price of about $14.60. The offering is expected to help fund Sunstone’s purchase of the Wailea Beach Marriott Resort & Spa in Maui.
