Midday Report: Valeant Sinks as Deal Talks Break Down; U.S. Stocks Mixed

U.S. stocks held mixed as a rally in crude oil failed to provide an across-the-board lift. Oil surged after OPEC delegates reached a deal to cut production. The bloc will reduce its output by 1.2 million barrels a day. Valeant Pharmaceuticals (VRX) was a big drag on the health care sector after talks to sell its Salix unit broke down. The company had previously been in negotiations with Japan's Takeda to sell the unit for $10 billion. Business conditions in the Chicago region improved in October to their best level since January 2015. Chicago PMI rose to a level far higher than analysts had anticipated. Pending home sales for October came in weaker than forecast as constrained inventory made for a bumpy recovery in the housing sector. Sales of homes in which a deal had been made but contract not yet signed rose just 0.1%. TheStreet's Keris Lahiff reports from Wall Street.