US stocks move higher in early trading; oil rises – Los Angeles Times

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U .S. stock indexes moved higher in early trading Monday, led by gains in banks and other financial companies. Technology stocks were also among the biggest gainers. Energy stocks lagged the broader market.

The Standard & Poor’s 500 index added 10 points, or 0.4%, to 2,448 as of 10:04 a.m. Eastern time. The Dow Jones industrial average gained 99 points, or 0.5%, to 21,493. The Nasdaq composite rose 27 points, or 0.4%, to 6,292. The Russell 2000 of small-company stocks rose 3 points, or 0.2%, to 1,417.

Investors bid up shares in several financial companies. Goldman Sachs Group gained $2.78, or 1.3%, to $219.97. American Express rose 98 cents, or 1.2%, to $83.20.

Technology sector companies were also among the biggest gainers in early trading. Micron Technology led the pack, gaining $1.21, or 3.8%, to $32.94. HP added 38 cents, or 2.1%, to $18.18.

Pandora Media rose 4% following reports that the streaming music service’s founder and CEO Tim Westergren is stepping down. The stock picked up 32 cents to $8.60.

Benchmark U.S. crude was up 15 cents to $43.16 a barrel in New York. Brent, the international standard, was down 2 cents to $45.52 a barrel in London. Oil prices last week hit their lowest point since August before rebounding but still are about 15% below where they were a year ago.

The dollar rose to 111.47 yen from 111.26 yen late Friday. The euro strengthened to $1.1211 from $1.1199.

Bond prices rose. The 10-year Treasury yield fell to 2.13% from 2.14% late Friday.

In Europe, major indexes moved higher after a strong German economic survey reinforced hopes that the region’s recovery is gaining momentum. Germany’s DAX was 0.7% higher, and France’s CAC-40 was up 1%. The FTSE 100 in London gained 0.6%. In Asia, several market indexes notched gains. Hong Kong’s Hang Seng added 0.7%, while Tokyo’s Nikkei 225 rose 0.1%. Seoul’s Kospi gained 0.4%. Sydney’s S&P-ASX 200 rose 0.1%. Benchmarks in New Zealand, Taiwan and Thailand also gained.