Closing Bell: Monsanto Rejects Bayer Bid; U.S. Stocks Rocket Higher

U.S. stocks rocketed higher as the fears over rate hikes that have plagued Wall Street for nearly a week began to fade. Crude also boosted stocks, closing with gains for the first session in five. Toll Brothers (TOL) - Get Report spiked after posting a better-than-expected second quarter. The homebuilder has benefited from a robust housing sector which has seen resilient construction growth despite a downturn elsewhere in the economy. DSW (DSW) - Get Report slumped after reporting a smaller-than-expected first-quarter profit and reducing its full-year outlook on weaker shoe sales. The shoes and accessories retailer blamed a 'challenging retail environment.' Monsanto (MON)  shares rose after announcing that Bayer's (BAYRY) - Get Report bid was too low, though it was open to continued negotiations. The U.S.-based agricultural company said the bid undervalues Monsanto and does not adequately address regulatory risks. TheStreet's Keris Lahiff has details from Wall Street.