By Elizabeth Stanton June 2 (Bloomberg) -- U.S. stocks rose, with benchmark indexes rebounding from near three-month lows, as home sales topped forecasts and investors speculated yesterday’s drop in energy shares overshot risks from the Gulf of Mexico oil spill. Anadarko Petroleum Corp. and Halliburton Co. rose at least 4.7 percent after falling more than 10 percent yesterday. Joy Global Inc. and Monsanto Co. advanced after Goldman Sachs Group Inc. recommended the stocks, while Wells Fargo & Co. gained as the largest U.S. home lender said it holds “very little” sovereign debt. Amgen Inc. jumped 7.3 percent after the U.S. Food and Drug Administration announced the approval of a bone- strengthening injection. The S&P 500 increased 0.5 percent to 1,076.24 as of 10:14 a.m. in New York. The benchmark gauge for U.S. equities yesterday closed down 1.7 percent, its biggest drop in almost two weeks, as energy shares tumbled 4.3 percent. The Dow Jones Industrial Average gained 44.52 points, or 0.4 percent, to 10,068.54. “There’s going to be drilling and need for oil-service companies, maybe even more so,” said Randy Bateman, chief investment officer at Huntington Asset Management in Columbus, Ohio, which oversees $13.5 billion. “These are high-tech companies in one of the few remaining industries in the U.S.” Equities extended gains after the number of contracts to buy previously owned homes climbed in April as Americans took advantage of the last month of a tax credit. The index of pending home resales rose 6 percent, exceeding the median forecast of economists surveyed by Bloomberg News, following a revised 7.1 percent gain in March, the National Association of Realtors said. The gauge reached the highest level since October. Yesterday’s Retreat Yesterday’s decline pushed the S&P 500 to within 0.3 percent of its close at a three-month low on May 26. The index lost 8.2 percent in May, its worst month since February 2009, as a sovereign debt crisis in Europe and slowing economic growth in China threatened to derail the global economic recovery. The Labor Department’s employment report for May, to be released June 4, is forecast to show a jump in payrolls of 515,000, boosted by government hiring of temporary census workers. A report by ADP Employer Services to be released tomorrow is forecast to show private-sector payrolls increased by 70,000 in May, the most since December 2007. Oil Spill U.S. stocks fell yesterday as BP Plc’s failure to plug a leaking oil well dragged down energy producers and Agence France-Presse reported Lebanon fired on Israeli warplanes. Those concerns overshadowed an industry report showing manufacturing expanded more than economists estimated in May. Halliburton, which provided oilfield services to the BP well, rose 6.7 percent to $22.56. Anadarko Petroleum, owner of a 25 percent stake in the well, advanced 4.7 percent to $44.06. Joy Global Inc. climbed 4.8 percent to $50.38. The maker of P&H and Joy mining equipment was raised to “buy” from “neutral” at Goldman Sachs Group Inc. Monsanto Co. rose 2.8 percent to $50.14. The world’s largest seed company was added to Goldman Sachs’s “conviction buy” list. Amgen Inc. jumped 7.3 percent to $54.47. The company’s bone-strengthening injection denosumab for postmenopausal women with osteoporosis will be the first biotechnology drug likely to be prescribed by patients’ primary physicians not specialists. Amgen, the world’s largest biotechnology company, is looking to denosumab to boost growth amid slowing sales of its core products, the anemia drugs Aranesp and Epogen. To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net.

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