Stocks Up,S&P on Track for Record High
NEW YORK (AP) -- Stocks are rising in early trading Monday following market rallies overseas after the ruling party in Japan won a key election and Friday's strong employment report in the U.S. The gains put the Standard and Poor's 500 index on track for a record high close.
KEEPING SCORE: The S&P 500 gained 7 points, or 0.3 percent, to 2,137 at 10:07 a.m. Eastern time. The Dow Jones industrial average was up 84 points, or 0.5 percent, to 18,230. The Nasdaq composite rose 31 points, or 0.6 percent, to 4,988.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
REVERSAL OF FORTUNE: Technology and bank stocks rose sharply, while traditional safe-play stocks like utilities, phone companies and consumer goods makers that investors have favored recently are falling. Boeing rose $2.12, or 1.7 percent, to $132.16 and JPMorgan Chase added 58 cents, or 1 percent, to $62.42.
JAPAN RISES: Japan's benchmark Nikkei 225 rose 4 percent following a weekend election that landed the ruling coalition a resounding victory, ensuring stability and more stimulus spending for the world's third-largest economy.
OVERSEAS: France's CAC 40 gained 1.4 percent, while Germany's DAX was up 1.5 percent. Britain's FTSE 100 added 1.1 percent. South Korea's Kospi gained 1.3 percent. Hong Kong's Hang Seng rose 1.5 percent.
ENERGY: Benchmark U.S. crude fell 14 cents to $45.27 a barrel in New York. Brent crude, a standard for international oil prices, lost 16 cents to $46.59 a barrel in London.
BONDS, CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.40 percent from 1.36 percent. The dollar rose to 102.54 yen from 100.46 yen. The euro slipped to $1.1059 from $1.1049.
(KA)