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Markets Right Now: Stocks climb on buyouts, profit reports
NEW YORK – The latest on developments in financial markets (all times local):
9:35 a.m.
Stocks are opening higher following a spate of buyout announcements and strong earnings reports.
McDonald’s jumped 3.7 per cent to one of the biggest gains in the S&P 500 after it reported healthier profit and revenue than analysts expected for the first three months of the year.
Andeavor soared 11 per cent after Marathon Petroleum said it would buy the refiner and pipeline owner for more than $23 billion.
Sprint and T-Mobile both fell on after the companies announced their plan to merge to better compete with bigger rivals. Investors are unsure whether the deal will get the necessary regulatory approval.
The S&P 500 gained 7 points, or 0.3 per cent, at 2,667.
The Dow Jones industrial average was up 137 points, or 0.6 per cent, at 24,448. The Nasdaq rose 16, or 0.2 per cent, to 7,135.
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