Broadcom Rockets Higher on Avago Deal Reports; Stocks Rebound

Broadcom (BRCM) spiked Wednesday on reports it is in advanced talks to be acquired by Avago Technologies (AVGO). That's the latest sign of further consolidation in the semiconductor industry. It was a battle among luxury goods brands on the S&P 500 with Tiffany & Co. (TIF) leading the index and Michael Kors (KORS) bottoming it out. Microsoft (MSFT) topped the Dow, one of the biggest winners of a high-momentum tech rally that led markets on Wednesday. Exxon Mobil (XOM) was the worst performer on the Dow. Stocks snapped back from yesterday's selloff on Wednesday, undeterred by a higher dollar, lower oil and mixed earnings.