Markets Right Now: Banks, tech stocks lead indexes higher

By The Associated Press Markets Associated Press

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

Continue Reading Below

4 p.m.

Stocks closed modestly higher, led by gains in banks and technology companies.

Chipmaker Cavium jumped 11 percent Monday after agreeing to be acquired by Marvell Technology.

Retailers were also in the winning column as investors hoped that shoppers would be spending more this holiday season.

Companies that make opioid pain medications fell sharply after the government released a much higher estimate of the costs of the ongoing addiction crisis. Insys Therapeutics lost 3 percent.

Continue Reading Below

The Standard & Poor's 500 index rose 3 points, or 0.1 percent, to 2,582.

The Dow Jones industrial average rose 72 points, or 0. percent, to 23,430. The Nasdaq composite rose 7 points, or 0.1 percent, to 6,790.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.36 percent.

___

11:45 a.m.

Stocks are moving modestly higher in midday trading as technology and industrial companies make gains.

Retailers were also in the winning column Monday as investors hoped that shoppers would be spending more this holiday season.

Drugmakers and other health care companies are trading lower.

Chipmaker Cavium jumped 9 percent after agreeing to be acquired by Marvell Technology.

Energy stocks continued to lag the market. The price of oil was down about 1 percent.

The Standard & Poor's 500 index was up 3 points, or 0.1 percent, to 2,582.

The Dow Jones industrial average rose 92 points, or 0.4 percent, to 23,448. The Nasdaq composite rose 5 points, or 0.1 percent, to 6,788.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent.

___

9:35 a.m.

Stocks are opening slightly higher on Wall Street, led by gains in technology and industrial companies.

Chipmaker Cavium jumped 8.6 percent early Monday after agreeing to be acquired by Marvell Technology.

Energy stocks continued to lag the market. The price of oil was down about 1 percent.

The Standard & Poor's 500 index was up 2 points, or 0.1 percent, to 2,580. The index is coming off its second straight weekly loss.

The Dow Jones industrial average rose 32 points, or 0.1 percent, to 23,390. The Nasdaq rose 10 points, or 0.2 percent, to 6,787.