US market indexes move higher in midday trading; Avanir Pharmaceuticals soars on deal news

Markets Associated Press

U.S. stock indexes are moving higher as the market rebounds from a loss the day before.

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Avanir Pharmaceuticals soared 13 percent Tuesday after the company agreed to be acquired by Otsuka Pharmaceutical of Japan for $3.5 billion in cash.

Royal Caribbean rose 6 percent after the company was added to the Standard & Poor's 500 index, replacing the packaging maker Bemis.

The Dow Jones industrial average rose 62 points, or 0.4 percent, to 17,839 as of 11:55 a.m. Eastern time.

The S&P 500 rose nine points, or 0.5 percent, to 2,062. The Nasdaq composite rose 24 points, or 0.5 percent, to 4,751.

The price of crude oil fell $1.11 to $67.89 a barrel in New York.

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Bond prices fell. The yield on the 10-year Treasury note rose to 2.27 percent.