Midday Report: Broadcom Swings to a Profit; U.S. Stocks Trade Above Closing Records

Stocks added to gains on faith the Federal Reserve will move ahead with a June rate hike even after a weaker-than-expected May jobs report. Another rate hike signals confidence in the strength of the U.S. economy. All benchmark indexes were on track to close at records. Broadcom (AVGO) - Get Report rose after swinging to a profit over its fiscal second quarter. Adjusted earnings and sales also exceeded analysts' targets. Restoration Hardware (RH) - Get Report lost roughly a quarter of its value after trimming its full-year earnings outlook. The company said management was taking a cautiously optimistic approach given an uncertain macro environment. Pinnacle Foods (PF) tumbled on reports acquisition negotiations with ConAgra (CAG) - Get Report had broken down. The two were allegedly unable to agree on a price with Pinnacle's expectations outpacing what ConAgra was willing to pay.