Gains for technology companies lead US stocks higher
NEW YORK (AP) — U.S. stocks are rising Monday morning as technology companies and banks gain ground. Some of the world’s largest technology companies, including Apple and Microsoft, are leading the way, although Facebook is lagging after the New York Times reported that the social media company shared data with dozens of device makers. The company is disputing that report. Health care companies are mixed as investors react to results from studies of cancer drugs at a top medical conference.
KEEPING SCORE: The S&P 500 index climbed 12 points, or 0.4 percent, to 2,746 as of 10:02 a.m. Eastern time. The Dow Jones industrial average rose 191 points, or 0.8 percent, to 24,827. The Nasdaq composite gained 19 points, or 0.3 percent, or, 7,574. The Russell 2000 index of smaller-company stocks little changed at 1,644.
The S&P 500 rose 1.1 percent Friday after the government said employers added 233,000 jobs in May, a strong gain.
LEADERS: Apple climbed 1.1 percent to $192.41 as investors waited for the start of its annual developers’ conference. Alphabet, Google’s parent company, gained 1.6 percent to $1,152.32 and Chipmaker Advanced Micro Devices added 3.4 percent to $14.89.
Microsoft rose 0.7 percent to $101.53. The company said Monday it will pay $7.5 billion in stock to buy GitHub, a popular site where software developers can go to host and review each other’s code. Around 27 million software developers around the world use its platform to share code and build businesses.
FACEBOOK POKED: The New York Times reported Sunday that Facebook struck data-sharing deals with at least 60 device makers, including Apple and Amazon, raising more concerns about what users give up when they use Facebook. Facebook said it disagreed with the reporting. Ime Archibong, vice president of product partnerships, said in blog post that Facebook has maintained tight control over the technology and that it is not aware of any abuse by the companies that it teamed with.
Facebook lost 1 percent to $191.96. Earlier this year the stock skidded and Facebook’s handling of user data was criticized after allegations a firm linked to the Trump campaign improperly harvested personal data from as many as 87 million Facebook accounts.
CHINA’S WARNING: The Chinese government said Sunday that it won’t step up purchases of American products if President Donald Trump taxes billions of dollars’ worth of Chinese imports. China had promised to buy more goods from the U.S. last month, an announcement that led Treasury Secretary Steven Mnuchin to say that the proposed tariffs were suspended and a potential trade war was “on hold.” But more recently, Trump has renewed his threat to impose 25 percent tariffs on $50 billion in Chinese high-tech goods.
Chipmaker Micron Technology fell following reports that it and two other companies are being investigated by the Chinese government. The stock lost 3.3 percent to $56.82.