Stocks rise, led by banks and technology; oil prices fall

U.S. stocks were modestly higher in early trading Monday, building on the market’s gains from last week, which was its best week since the beginning of the year. Banks and technology companies were among the biggest gainers, while utilities stocks lagged. Oil prices headed down.

KEEPING SCORE: The Standard & Poor’s 500 index rose 6 points, or 0.3%, to 2,507 as of 10:13 a.m. Eastern Time. The Dow Jones industrial average rose 66 points, or 0.3%, to 22,334. Both indexes closed at record highs on Friday. The Nasdaq composite advanced 24 points, or 0.4%, to 6,473. The Russell 2000 index of smaller-company stocks climbed 6 points, or 0.5%, to 1,438.

BANK ON THIS: Investors sent shares in banks and other financial companies higher. Charles Schwab rose 1.5% to $40.81. Bank of America rose 1.5% to $24.75.

TECH RALLY: Technology stocks were also among the big gainers. Advanced Micro Devices climbed 3.8% to $13. Chipmaker Nvidia went up 3.4% to $186.24.

STRONG DEFENSE: Aerospace manufacturer Orbital ATK soared 20.4% to $132.47 after agreeing to be acquired by Northrop Grumman for $134.50 a share. Northrop rose 1.2% to $270.19.

ON THE RADAR: Investors are looking ahead to the Federal Reserve’s next two-day policy meeting, which is set to begin Tuesday. Traders will be listening for indications on the timing for the next interest rate hike and when the Fed might start shrinking its multitrillion-dollar stockpile of bonds. Forecasters expect the Fed to leave rates unchanged and stick to plans to raise rates in December.

Traders also will be monitoring President Trump’s speech at the United Nations on Tuesday.

BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.22% from 2.20%.

ENERGY: Benchmark U.S. crude fell 5 cents to $49.48 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, dropped 21 cents to $55.41 in London.

CURRENCIES: The dollar rose to 111.41 yen from Friday’s 110.88 yen. The euro strengthened to $1.1963 from $1.1938.

MARKETS OVERSEAS: Global stock markets were mostly higher. Germany’s DAX rose 0.4%, while France’s CAC 40 gained 0.3%. London’s FTSE 100 added 0.4%. Hong Kong’s Hang Seng and Seoul’s Kospi both climbed 1.3%. Sydney’s S&P-ASX 200 rose 0.4%. Japanese markets were closed for a holiday.


7:50 a.m.: This article was updated with market prices and context.

This article was originally published at 7 a.m.

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