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Stocks rise with oil prices, consumer stocks gain ground Stocks rise with oil prices, consumer and bank stocks climb
(35 minutes later)
NEW YORK — U.S. stocks are rising Tuesday morning along with the price of oil, and consumer stocks are getting a lift from strong fourth-quarter results from companies like Procter & Gamble and handbag maker Coach. NEW YORK — U.S. stocks are rising Tuesday as the price of oil recovers some of its losses from a day earlier. Consumer stocks are getting a lift from strong fourth-quarter results from companies like Procter & Gamble and handbag maker Coach. Banks are also climbing.
KEEPING SCORE: The Dow Jones industrial average rose 231 points, or 1.5 percent, to 16,116 as of 10:37 a.m. Eastern time. The Standard & Poor’s 500 index climbed 20 points, or 1.1 percent, to 1,897. The Nasdaq composite added 24 points, or 0.5 percent, to 4,542. KEEPING SCORE: The Dow Jones industrial average rose 255 points, or 1.6 percent, to 16,140 as of 11:15 a.m. Eastern time. The Standard & Poor’s 500 index climbed 22 points, or 1.2 percent, to 1,899. The Nasdaq composite added 32 points, or 0.7 percent, to 4,550.
ENERGY RISES: Energy stocks made early gains as the price of U.S. crude rose 75 cents, or 2.5 percent, to $31.09 a barrel in New York. It fell almost 6 percent Monday. Brent crude, a benchmark for international oils, gained 90 cents, or 3 percent, to $31.40 a barrel in London. Exxon Mobil picked up $1.57, or 2.1 percent, to $75.55. ENERGY RISES: Energy stocks made early gains as the price of U.S. crude rose 75 cents, or 2.5 percent, to $31.09 a barrel in New York. It fell almost 6 percent Monday. Brent crude, a benchmark for international oils, gained 92 cents, or 3 percent, to $31.42 a barrel in London. Exxon Mobil picked up $1.55, or 2.1 percent, to $75.53 and Chevron rose $2.68, or 3.3 percent, to $83.57.
IN THE BAG: The luxury handbag maker reported a greater profit than analysts had expected, and its stock rose $2.91, or 9.6 percent, to $33.26. Even with that big gain, it’s down 10 percent over the last 12 months. IN THE BAG: Luxury handbag maker Coach reported a greater profit than analysts had expected, and its stock rose $2.44, or 8.1 percent, to $32.80. Even with that big gain, however, it’s down 10 percent over the last 12 months.
3M: The maker of Post-it notes, industrial coatings and ceramics reported a greater profit and more revenue than analysts expected. 3M also backed its annual profit forecast. It rose $6.38, or 4.6 percent, to $143.9. 3M: The maker of Post-it notes, industrial coatings and ceramics reported a greater profit and more revenue than analysts expected. 3M also backed its annual profit forecast. It rose $6.73, or 4.9 percent, to $144.30.
P&G PRICE GAINS: Consumer goods maker Procter & Gamble reported a larger profit in the fourth quarter as it raised prices and cut costs. The maker of Pantene shampoo, Crest toothpaste and Charmin toilet paper added $2.33, or 3 percent, to $79.18. P&G PRICE GAINS: Consumer goods maker Procter & Gamble reported a larger profit in the fourth quarter as it raised prices and cut costs. The maker of Pantene shampoo, Crest toothpaste and Charmin toilet paper added $2.34, or 3 percent, to $79.19.
BANKED: Huntington Bancshares agreed to buy competitor FirstMerit Corp for $3.4 billion. The deal would create the largest bank in Ohio, and the companies would have about $100 billion in combined assets. FirstMerit added $2.52, or 16.4 percent, to $17.89 and Huntington lost 86 cents, or 9.8 percent, to $7.94. BANKED: Huntington Bancshares agreed to buy competitor FirstMerit Corp for $3.4 billion. The deal would create the largest bank in Ohio, and the companies would have about $100 billion in combined assets. FirstMerit added $2.55, or 16.6 percent, to $17.92 and Huntington lost 88 cents, or 10 percent, to $7.92.
BUMPY LANDING: Lockheed Martin said it will acquire the engineering company Leidos, combine it with its information systems and global solutions unit, and then separate that company so it can focus on its remaining aerospace and defense business. The stock shed $5.37, or 2.5 percent, to $205.64. GOING TO THE ATM: Zions Bancorp added 94 cents, or 4.6 percent, to $21.33 after it reported strong fourth-quarter results on Monday. Goldman Sachs gained $4.25, or 2.8 percent, to $155.37.
OVERSEAS: France’s CAC 40 fell 0.1 percent and Germany’s DAX lost 0.3 percent. Britain’s FTSE 100 slipped 0.4 percent. Asian markets were hammered by Monday’s slide in oil prices, which can signal weak demand. The Shanghai Composite dropped 6.4 percent to finish at 2,749.78, the lowest since December 2014. Japan’s Nikkei 225 lost 2.4 percent to 16,708.90. DOW POWER: The Dow is doing particularly well because many of the companies making the biggest gains, including 3M, Procter & Gamble, Exxon, Chevron and Goldman Sachs are all Dow components. The Nasdaq is making smaller gains because tech stocks are little changed.
BONDS, CURRENCIES: U.S government bond prices fell. The yield on the 10-year Treasury note rose to 2.02 percent from 2.01 percent. The euro was unchanged at $1.0837, and the dollar inched up to 118.56 yen from 118.48 late Monday. FULL SPRINT: Sprint, the fourth-largest wireless provider in the U.S., reported a smaller-than-expected quarterly loss and rose 38 cents, or 15.1 percent, to $2.90. The stock, which hit an all-time low last Wednesday, has been on a wild ride the last few days, jumping almost 15 percent Friday and then falling 12 percent Monday. Late in the day Monday, Sprint said it had cut about 2,500 jobs since last fall, or 8 percent of its staff.
BUMPY LANDING: Lockheed Martin said it will acquire the engineering company Leidos, combine it with its information systems and global solutions unit, and then separate that company so it can focus on its remaining aerospace and defense business. The stock shed $8.38, or 4 percent, to $202.63.
HEART BEAT: Johnson & Johnson posted a larger fourth-quarter profit after it sold its Cordis heart device business. The company also makes products including baby shampoo, prescription medicines and medical devices. It rose $2.72, or 2.8 percent, to $99.12.
OVERSEAS: France’s CAC 40 rose 1.2 percent, as did Germany’s DAX. Britain’s FTSE 100 gained 0.7 percent. However Asian markets were hammered by Monday’s slide in oil prices, which can signal weak demand. The Shanghai Composite dropped 6.4 percent to finish at 2,749.78, the lowest since December 2014. Japan’s Nikkei 225 lost 2.4 percent to 16,708.90.
BONDS, CURRENCIES: U.S government bond prices fell. The yield on the 10-year Treasury note rose to 2.02 percent from 2.01 percent. The euro rose to $1.0846 from $1.0837, and the dollar dipped to 118.46 yen from 118.48 late Monday.
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Marley Jay can be reached at http://twitter.com/MarleyJayAP. His work can be found at http://bigstory.ap.org/journalist/marley-jayMarley Jay can be reached at http://twitter.com/MarleyJayAP. His work can be found at http://bigstory.ap.org/journalist/marley-jay
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.