US stocks edge higher in early trading; oil falling
U.S. stocks edged higher in early trading Tuesday as investors weighed the latest batch of company earnings and deal news. Technology and financial stocks notched solid gains. Energy companies also rose despite a slide in crude oil. Real estate companies lagged.
KEEPING SCORE: The Standard & Poor’s 500 index rose 7 points, or 0.3 percent, to 2,608 as of 10:12 a.m. Eastern Time. The Dow Jones industrial average gained 82 points, or 0.4 percent, to 23,663. The Nasdaq composite added 9 points, or 0.1 percent, to 6,887. More stocks rose than fell on the New York Stock Exchange.
SWOOPING IN: Buffalo Wild Wings jumped 6.4 percent after it agreed to be acquired by Arby’s for $ 157 a share. Buffalo was at $ 117.25 a share before reports about a possible deal emerged two weeks ago. Shares in Buffalo shares added $ 9.40 to $ 155.80.
NEVER MIND: Emerson Electric rose 2.3 percent after the company withdrew its bid for Rockwell Automation. Emerson shares climbed $ 1.42 to $ 63.30. Rockwell added 82 cents, or 0.4 percent, to $ 191.86.
HIT THE ROAD: Thor Industries soared 12.4 percent after the RV maker reported quarterly earnings that were much higher than analysts were expecting. The stock gained $ 16.92 to $ 153.17. Rival Winnebago Industries rose $ 3.32, or 6.6 percent, to $ 53.97.
ROAD TO CONFIRMATION: The Senate Banking Committee was hearing testimony from Federal Reserve chair nominee Jerome Powell. In written testimony released before the start of the hearing, Powell said that, if confirmed as the next Fed chairman, he expects the central bank to continue raising interest rates gradually. Powell also said that the Fed would consider ways to ease the regulatory burdens on banks while preserving the key reforms Congress passed to try to prevent another financial crisis.
IN DECLINE: Real estate sector companies were trading lower. Public Storage slipped $ 5.78, or 2.7 percent, to $ 209.15.
BOND YIELDS: Bond prices rose. The yield on the 10-year Treasury fell to 2.32 from 2.35 percent late Monday.
ENERGY: Benchmark U.S. crude dropped 18 cents to $ 57.93 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, declined 26 cents to $ 63.12.
CURRENCIES: The dollar rose to 111.44 yen from 111.01 yen on Monday. The euro weakened to $ 1.1880 from $ 1.1899.
MARKETS OVERSEAS: Major stock indexes in Europe were higher following a downbeat day in Asia. Germany’s DAX added 0.3 percent, while France’s CAC 40 gained 0.5 percent. Britain’s FTSE 100 rose 0.9 percent. In Asia, Japan’s benchmark Nikkei 225 and Hong Kong’s Hang Seng were little changed. Australia’s S&P/ASX 200 lost nearly 0.1 percent. South Korea’s Kospi added 0.3 percent. Shares in Southeast Asia were mixed.