Tech and energy companies help lift US stocks in early trade
By ALEX VEIGA AP Business Writer
U.S. stocks moved broadly higher in early trading today, adding to solid gains at the end of last week. Technology companies accounted for a big slice of the gains. Energy stocks rose as crude oil prices traded above $70 a barrel for the first time since November 2014.
• KEEPING SCORE: The S&P 500 index rose 16 points, or 0.6 percent, to 2,680 as of 10 a.m. Eastern Time. The Dow Jones industrial average gained 187 points, or 0.8 percent, to 24,450. The Nasdaq added 58 points, or 0.8 percent, to 7,267. The Russell 2000 index of smaller-company stocks picked up 7 points, or 0.5 percent, to 1,572.
• ENERGY: Oil futures rose to their highest level since November 2014. Benchmark U.S. crude rose 86 cents, or 1.2 percent, to $70.58 a barrel in New York. Brent crude, the international standard, gained 98 cents, or 1.3 percent, to $75.85 a barrel in London.
The pickup in oil prices helped lift energy company shares. Range Resources gained 3.6 percent to $14.11.
• TECH RALLY: Shares in technology companies climbed, adding to the sector’s gains this year. Nvidia was among the biggest gainers, rising 2.9 percent to $245.97.
• STRONG BREW: Starbucks rose 0.2 percent to $57.80 after Nestle paid $7.15 billion for the rights to sell the company’s coffee products around the world. Nestle gained 1.3 percent to $77.32.