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US stock indexes move higher in early trading; oil rises

By The Associated Press

U.S. stocks moved higher in early trading Friday, extending the market's modest gains from the day before. Industrials and bank stocks were among the biggest gainers. Energy companies also rose as the price of crude oil headed higher. Utilities and real estate stocks lagged.

KEEPING SCORE: The Standard & Poor's 500 index rose 13 points, or 0.6 percent, to 2,379 as of 10:07 a.m. Eastern Time. The Dow Jones industrial average added 80 points, or 0.4 percent, to 20,743. The Nasdaq composite index gained 35 points, or 0.6 percent, to 6,091. The Russell 2000 index of smaller stocks picked up 9 points, or 0.7 percent, to 1,370.

DIGGING IN: Deere & Co. jumped 7.1 percent after the heavy equipment maker reported solid quarterly results. The stock climbed $8.05 to $120.72.

TRIPPED UP: Foot Locker plunged 15.6 percent after the athletic footwear and apparel retailer's latest quarterly profits fell short of analysts' forecasts. The stock was the biggest decliner in the S&P 500, shedding $11 to $59.47.

UNPALATABLE: Campbell Soup gave up 2.5 percent after the company turned in disappointing quarterly results. Its shares fell $1.41 to $55.54.

ENERGY: Benchmark U.S. crude oil futures was up 82 cents, or 1.7 percent, at $50.17 a barrel in New York. Brent crude, used to price international oils, was up 98 cents, or 1.9 percent, at $53.49 a barrel in London.

CURRENCIES: The dollar weakened to 111.51 yen from 111.49 yen on Thursday. The euro jumped to $1.1187 from $1.1101.

TREASURY YIELDS: Bond prices fell. The 10-year Treasury yield rose to 2.25 percent from 2.23 percent late Thursday.

MARKETS OVERSEAS: In Europe, Germany's DAX rose 0.2 percent, while France's CAC 40 was up 0.5 percent. Britain's FTSE 100 was up 0.4 percent. In Asia, Japan's benchmark Nikkei 225 gained 0.2 percent. South Korea's Kospi added nearly 0.1 percent. Hong Kong's Hang Seng rose 0.3 percent.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
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