US stocks climb, pushing market back near record levels; Cognizant jumps on earnings

Markets Associated Press

Stocks are moving slightly higher in midday trading, building on their gains from Friday.

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The Standard & Poor's 500 index rose eight points, or 0.4 percent, to 2,116 as of 11:45 a.m. Eastern time. That's one point short of its record high close on April 24.

The Dow Jones industrial average rose 68 points, or 0.4 percent, to 18,092. The Nasdaq composite rose 20 points, or 0.4 percent, to 5,025.

Cognizant Technology Solutions jumped 9 percent, the most in the S&P 500 index, after the consulting company reported earnings that beat the expectations of Wall Street analysts. Cognizant also raised its earnings and sales outlook for the year.

Oil slipped 38 cents to $58.76 a barrel.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.10 percent.