U.S. stocks advanced

Equities rose as manufacturing unexpectedly expanded in April at the fastest pace in 10 months, driven by gains in orders and production that signal the U.S. remains a source of strength for the global economy.

Avon Products Inc. lost 7.8 percent to $19.92. The door-to- door cosmetics seller that’s the target of a $10 billion takeover bid from Coty Inc. reported first-quarter profit that trailed analysts’ estimates, hurt by higher labor and materials costs.

Chesapeake Energy Corp. jumped 7.2 percent to $19.77. The company will name an independent chairman to replace Aubrey McClendon and halt an incentive program that allowed the chief executive officer to amass personal stakes in thousands of company-operated wells.