Midday Report: ON Semiconductor Down on Deal; Markets Climb

Stocks moved higher ahead of the afternoon release of the Federal Reserve's October meeting minutes. The release will likely be closely scrutinized for clues as to the likelihood of a year-end hike. ON Semiconductor (ON) slipped after agreeing to buy Fairchild Semiconductor (FCS) in an all-cash deal worth nearly $2.5 billion. The deal values Fairchild at a 41% premium to its mid-October price before reports of acquisition interest surfaced. Crude oil moved above $41 a barrel after weekly data showed U.S. inventories rise at a smaller-than-expected pace. Crude stockpiles added just 252,000 barrels over the week, a fraction of the expected build.