US Stocks Rise as Tech and Internet Companies Bounce Back

AP Photo Richard Drew
FILE - In this Friday, Oct. 26, 2018, file photo trader Jeffrey Vazquez, center, works on the floor of the New York Stock Exchange. The U.S. stock market opened at 9:30 a.m. EDT on Tuesday, Nov. 6.

NEW YORK (AP) — U.S. stocks are rising Tuesday morning as technology stocks recover some of the big losses they took over the last month. Companies including CVS Health and Booking Holdings are rising after releasing strong third quarter reports. Stocks have settled down in the last few days as traders wait for results from midterm elections.

KEEPING SCORE: The S&P 500 index rose 10 points, or 0.4 percent, to 2,748 as of 10 a.m. Eastern time. The Dow Jones Industrial Average edged up 58 points, or 0.2 percent, to 25,520. The Nasdaq composite jumped 57 points, or 0.8 percent, to 7,385. The Russell 2000 index of smaller-company stocks added 1 point, or 0.1 percent, to 1,548.

Stocks dropped in October and recovered a sliver of their gains during a three-day rally last week. Since then they've made smaller moves as investors anticipate the outcome of the midterm elections. Control of the House of Representatives and Senate are up for grabs and 36 governorships are being contested. Investors will be watching to see how the vote might influence U.S. trade, economic and security policies. Stocks tend to fall before midterm elections and then rally once the voting is over.

CVS HAS THE RECEIPTS: Drugstore and pharmacy benefits manager CVS Health rose 2.4 percent to $75.48 after its results topped Wall Street forecasts in the third quarter. It was helped by a large bump in prescriptions. CVS also said it expects to complete its purchase of health insurer Aetna before the Thanksgiving holiday.

BOOK 'EM: Booking Holdings, which operates the Priceline travel website, also surpassed estimates in the latest quarter and gave stronger-than-expected projections for the current quarter. The stock rose 7.1 percent to $2,003.

DRIVEN TO DISTRACTION: Rental car company Avis sank 5.7 percent to $29.27 after its profit and sales disappointed investors. The stock has slumped 35 percent this year.

Prescription drug distributor AmerisourceBergen fell 6.8 percent to $82.55 after its sales came up short of analyst forecasts.

BUFFERING: Technology and internet stocks were mostly higher. Apple added 1.3 percent to $204.29 after it plunged 9 percent over the previous two days. Microsoft gained 1 percent to $108.60. Alphabet, the parent company of Google, picked up 1.7 percent to $1,073 and Facebook added 1.4 percent to $150.82.

ENERGY: Benchmark U.S. crude oil edged down 0.2 percent to $62.98 a barrel in New York, and Brent crude dipped 0.2 percent to $73.04 a barrel in London.

BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 3.20 percent from 3.19 percent.

CURRENCIES: The dollar rose to 113.27 yen from 113.21 yen. The euro was unchanged at $1.1418.

OVERSEAS: Britain's FTSE 100 shed 0.7 percent while Germany's DAX added 0.1 percent. The France, the CAC 40 lost 0.2 percent.
Japan's Nikkei 225 index rose 1.1 percent and the Kospi in South Korea added 0.6 percent. Hong Kong's Hang Seng bounced gained 0.7 percent.


By AP reporter Marley Jay


Categories: Finance, Today’s Business News