Stocks Shake Off Market Slump
Stocks Shake Off Market Slump
NEW YORK (AP) -- Stocks are climbing Tuesday morning as buyers return to a market that has been mostly beaten down in recent days. The price of oil is also rising for a second day in a row in a modest recovery from long-time lows.
KEEPING SCORE: The Dow Jones industrial average rose 191 points, or 1.1 percent, to 17,559 as of 10:10 a.m. Eastern. The Standard & Poor's 500 index picked up 25 points, or 1.2 percent. The Nasdaq composite index added 65 points, or 1.7 percent, to 5,017. It's been more than a month since the index rose for two consecutive days.
STERN AND SIRIUS: Satellite radio operator Sirius XM Holdings jumped after announcing that it had signed Howard Stern to another five-year deal. Its shares added 13 cents, or 3.2 percent, to $4.13.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
DOESN'T STICK: Post-It notes maker 3M fell $6.54, or 4.1 percent, to $151.09 after it trimmed its profit forecast for 2015 and gave a disappointing estimate for 2016.
ENERGY: The price of oil rose again. U.S. crude gained 76 cents, or 2.1 percent, to $37.07 a barrel in New York. Oil also increased about 2 percent Monday, although it remains at its lowest prices in more than six years. Brent crude, a benchmark for international oils, increased 71 cents, or 1.9 percent, to $38.87.
That helped some of the worst-performing energy stocks of 2015. Exxon Mobil jumped $3.65, or 4 percent, to $78.69. Natural gas, which is at its lowest prices in 14 years, continued to fall, dropping 5 cents, or 2.8 percent, to $1.84 per 1,000 cubic feet.
CONSUMER PRICES: The government said consumer prices were unchanged in November, but there were encouraging signs. Consumers spent more on airline fares and medical care, while spending on energy and food were down. Core inflation, which leaves out energy and food, rose 0.2 percent. That's the best result in more than a year.
FED MEETS: Today the Federal Reserve starts its final meeting of 2015, and tomorrow it's expected to raise interest rates for the first time in almost 10 years.
TAKING OFF: Aerospace company Boeing advanced $3.12, or 2.2 percent, to $146.12 after Boeing boostedstock buyback authorization to $14 billion and raised its quarterly dividend to $1.09.
BONDS: Investors dipped a toe back into the high yield bond market after several days of selling "junk" bonds. The iShares high yield corporate bond ETF rose 1.7 percent to $80.08 and the SPDR Barclays high yield bond ETF rose 1.3 percent to $33.98. Treasury bond prices fell, and the yield on the 10-year note rose to 2.27 percent from 2.23 percent Monday.
CURRENCIES: The euro fell to $1.0961 from $1.0998. The dollar rose to 121.39 yen from 120.84 yen on Monday.
(KA)