Markets Right Now: Energy, tech lead stocks mostly higher

NEW YORK – The latest on developments in financial markets (All times local):

11:45 a.m.

Energy and technology companies are leading stocks modestly higher in midday trading.

High-dividend stocks are also higher Monday as bond yields decline, but industrial companies are falling. Yields had climbed to their highest level in more than three years last week.

French pharmaceutical company Sanofi and biotech drugmaker Celgene both announced large acquisitions.

Investors don’t seem to be fazed by the federal government shutdown as it entered its third day.

The Standard & Poor’s 500 index rose 8 points, or 0.3 per cent, to 2,818.

The Dow Jones industrial average edged up 10 points to 26,082. The Nasdaq composite rose 36 points, or 0.5 per cent, to 7,373.

Small-company stocks were broadly lower.

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9:35 a.m.

Losses for industrial companies are pulling U.S. stocks lower at the start of trading, but high-yield stocks are making small gains.

Boeing slid 0.7 per cent and General Electric lost 0.9 per cent Monday morning. Investors didn’t appear troubled by the federal government shutdown.

Corporations announced a series of deals to start the weak. French drugmaker Sanofi said it will buy hemophilia treatment companies Bioverativ for $11.6 billion. Bioverativ climbed 62.5 per cent.

Biotech drugmaker Celgene said it will pay $9 billion for cancer therapy maker Juno Therapeutics, and Juno jumped 26.9 per cent.

The Standard & Poor’s 500 index was unchanged at 2,809 after it finished at a record high Friday.

The Dow Jones industrial average fell 54 points, or 0.2 per cent, to 26,016. The Nasdaq composite rose 2 points to 7,339.