June 11 (Bloomberg) -- U.S. stocks gained after a jump in oil prices lifted energy producers and investors speculated companies in the financial services and automotive industries may be acquisition targets.
Exxon Mobil Corp., the largest oil producer, led the Standard & Poor's 500 Index higher. H&R Block, the biggest tax preparer, had its steepest gain in eight-months after UBS AG said it may receive a leveraged buyout bid.
More than $1 trillion in takeovers helped the S&P 500 and Dow average reach records this year. Surging bond yields pushed the benchmarks down from their peaks last week.
``We still think that stocks have room to rally,'' said Sean Clark, who helps manage about $1.3 billion as chief investment officer at Clark Capital Management in Philadelphia. ``Valuations are very palatable currently for the market and stocks are cheap relative to bonds.''
The S&P 500 gained 3.18, or 0.2 percent, to 1510.85 as of 12:11 p.m. in New York. The Dow average increased 10.4, or 0.1 percent, to 13,434.79. The Nasdaq Composite Index added 2.83, or 0.1 percent, to 2576.37.
H&R Block added $1.10 to $23.62. UBS AG encouraged investors to buy the stock, saying the company may receive a leveraged buyout bid following the sale of its mortgage unit.
Crude oil for July delivery rose 30 cents to $65.06 a barrel in New York.
Exxon gained 66 cents to $83.34.
H&R Block added $1.10 to $23.62.
Ford, the second-largest U.S. automaker, advanced 13 cents to $8.37. London newspaper CityAM said Alchemy Partners LLP may offer $6 billion for its Jaguar and Land Rover brands. The paper cited Jon Moulton, managing partner of the private equity firm. In an interview, Moulton later denied that he's planning a 3 billion-pound ($6 billion) bid for the brands. ``It's not on our deal list,'' he said. ``There have been discussions. I'm interested only at an emotional level.''
General Motors climbed 32 cents to $31.32.
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