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U.S. stocks advanced, sending the Standard & Poor’s 500 Index toward the highest level in almost a month, after a better-than-estimated manufacturing report bolstered optimism in the world’s largest economy.
Equities rose as manufacturing unexpectedly expanded in April at the fastest pace in 10 months, driven by gains in orders and production that signal the U.S. remains a source of strength for the global economy.
Avon Products Inc. lost 7.8 percent to $19.92. The door-to- door cosmetics seller that’s the target of a $10 billion takeover bid from Coty Inc. reported first-quarter profit that trailed analysts’ estimates, hurt by higher labor and materials costs.
Chesapeake Energy Corp. jumped 7.2 percent to $19.77. The company will name an independent chairman to replace Aubrey McClendon and halt an incentive program that allowed the chief executive officer to amass personal stakes in thousands of company-operated wells.
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