Closing Bell: Hershey Rejects Mondelez Offer; U.S. Stocks Rally

The S&P 500 enjoyed a third straight day in rally mode, while closing out the second quarter with gains of more than 1%. Crude closed with its best quarterly performance in seven years. S&P downgraded the European Union to a AA rating from AA . The credit rating firm said it reassessed its outlook following the U.K.'s exit vote. S&P and Fitch downgraded the U.K.'s rating on Monday. Hershey's board unanimously rejected a takeover offer from Mondelez International and showed no interest in any further discussion. Mondelez reportedly offered Hershey $107 a share. Visa was the worst performer on the Dow after a federal appeals court threw out a multi-billion dollar antitrust settlement. The case involved the credit-card company and Mastercard against numerous retailers.

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