NEW YORK (AP) — Stocks are rallying Monday morning as the tensions between the U.S. and North Korea that flared last week appeared to ease. Technology companies and banks are making some of the largest gains as stocks bounce back from their losses with some of the biggest gains the market has seen this year. All 11 industrial groups in the Standard & Poor’s 500 index are moving higher.
KEEPING SCORE: The S&P 500 jumped 24 points, or 1 percent, to 2,466 as of 11:15 a.m. Eastern time. The Dow Jones industrial average gained 147 points, or 0.7 percent, to 22,005. The Nasdaq composite added 73 points, or 1.2 percent, to 6,329. The Russell 2000 index of smaller companies climbed 14 points, or 1.1 percent, to 1,388.
Last week was the worst for stocks since late March, as the S&P 500 fell more than 1.4 percent. Rising tensions between the U.S. and North Korea startled investors out of the complacency that has weighed on the stock market for most of this year. That eased Monday after officials said fighting is not imminent. The top U.S. military officer said the country wants to resolve the standoff peacefully.
Thursday was the worst day for stocks since mid-May, and Monday is shaping up to be the best day since late April.
LEADERS: Technology stocks rose in early trading. Apple added $1.88, or 1.2 percent, to $159.36 and Microsoft picked up $1.07, or 1.5 percent, to $73.57. Western Digital advanced $2.77, or 3.5 percent, to $82.67.
Chipmaker Nvidia rebounded after two days of sharp losses. It rose $6.32, or 4.1 percent, to $162.28. Competitors like Micron Technology and Analog Devices also rose.
NEW BUYER NETS NEFF: Equipment rental company Neff said it received a buyout offer worth $25 per share, or $596 million. It did not say who made the offer, but Neff said its board has decided the new offer is superior to a bid from H&E Equipment Services that the company accepted last month. H&E Equipment has the right to match the new offer and is entitled to a breakup payment if Neff it acquired by another company. Neff climbed $3.85, or 17.6 percent, to $25.70. H&E’s offer valued Neff at $21.07 a share.
H&E Equipment lost 48 cents, or 2.2 percent, to $21.11.
FRIENDLY NABORS: Drilling technology developer Tesco said it will be acquired by drilling contractor Nabors Industries in an all-stock deal. The companies said Tesco is being valued at $4.62 a share. Tesco added 43 cents, or 10.9 percent, to $4.33. Nabors lost 33 cents, or 4.8 percent, to $6.48.
STICKER SHOCK? Fiat Chrysler climbed after Automotive News reported that a Chinese car maker offered to buy the company. It did not identify that company and said Fiat Chrysler rejected the offer because it wasn’t high enough, but investors hoped another bid would come. Fiat Chrysler stock gained 88 cents, or 7.6 percent, to $12.50.
RHIMES AND REASON: Netflix signed a deal with Shonda Rhimes, the creator of popular television series such as “Scandal” and “Grey’s Anatomy.” She will leave ABC and make shows for Netflix, although those shows will remain on ABC. Financial terms were not disclosed, but recently Netflix has started shelling out more money to try to get own and develop shows that more people will watch. Its stock dipped 23 cents to $171.17 Monday.
ENERGY: U.S. crude oil rose 18 cents to $49 a barrel in New York. Brent crude, the international standard, picked up 11 cents to $52.21 a barrel in London.
BONDS: Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.21 percent from 2.19 percent late Friday. That helped banks, as higher bond yields mean higher interest rates and greater profits on mortgages and other loans.
Bank of America climbed 48 cents, or 2 percent, to $24.35 and JPMorgan Chase gained $1.21, or 1.3 percent, to $92.63.
CURRENCIES: The dollar rose to 109.45 yen from 109.04 yen. The euro fell to $1.1785 from $1.1824.
OVERSEAS: Germany’s DAX jumped 1.4 percent, as did the CAC 40 in France. In Britain, the FTSE 100 index added 0.8 percent. Hong Kong’s Hang Seng index jumped 1.4 percent and the South Korean Kospi rose 0.6 percent. Japanese stocks fell sharply as investors played catch-up after an extended holiday weekend. The Nikkei ended 1 percent lower.
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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay
NEW YORK AP Stocks are rallying Monday morning as the tensions between the U.S. and North Korea that flared last week appeared to ease Technology companies and banks are making some of the largest gains as stocks bounce back from their losses with some of the biggest gains the market has seen this year All 11 industrial groups in the Standard &amp; Poor’s 500 index are moving higher KEEPING SCORE The S&amp;P 500 jumped 24 points or 1 percent to 2,466 as of 11:15 a.m.  Eastern time The Dow Jones industrial average gained 147 points or 0.7 percent to 22,005 The Nasdaq composite added 73 points or 1.2 percent to 6,329 The Russell 2000 index of smaller companies climbed 14 points or 1.1 percent to 1,388 Last week was the worst for stocks since late March as the S&amp;P 500 fell more than 1.4 percent Rising tensions between the U.S. and North Korea startled investors out of the complacency that has weighed on the stock market for most of this year That eased Monday after officials said fighting is not imminent The top U.S. military officer said the country wants to resolve the standoff peacefully Thursday was the worst day for stocks since mid-May and Monday is shaping up to be the best day since late April LEADERS Technology stocks rose in early trading Apple added $1.88 or 1.2 percent to $159.36 and Microsoft picked up $1.07 or 1.5 percent to $73.57 Western Digital advanced $2.77 or 3.5 percent to $82.67 Chipmaker Nvidia rebounded after two days of sharp losses It rose $6.32 or 4.1 percent to $162.28 Competitors like Micron Technology and Analog Devices also rose NEW BUYER NETS NEFF Equipment rental company Neff said it received a buyout offer worth $25 per share or $596 million It did not say who made the offer but Neff said its board has decided the new offer is superior to a bid from H&amp;E Equipment Services that the company accepted last month H&amp;E Equipment has the right to match the new offer and is entitled to a breakup payment if Neff it acquired by another company Neff climbed $3.85 or 17.6 percent to $25.70 H&amp;E’s offer valued Neff at $21.07 a share H&amp;E Equipment lost 48 cents or 2.2 percent to $21.11 FRIENDLY NABORS Drilling technology developer Tesco said it will be acquired by drilling contractor Nabors Industries in an all-stock deal The companies said Tesco is being valued at $4.62 a share Tesco added 43 cents or 10.9 percent to $4.33 Nabors lost 33 cents or 4.8 percent to $6.48 STICKER SHOCK Fiat Chrysler climbed after Automotive News reported that a Chinese car maker offered to buy the company It did not identify that company and said Fiat Chrysler rejected the offer because it wasn’t high enough but investors hoped another bid would come Fiat Chrysler stock gained 88 cents or 7.6 percent to $12.50 RHIMES AND REASON Netflix signed a deal with Shonda Rhimes the creator of popular television series such as Scandal and Grey’s Anatomy She will leave ABC and make shows for Netflix although those shows will remain on ABC Financial terms were not disclosed but recently Netflix has started shelling out more money to try to get own and develop shows that more people will watch Its stock dipped 23 cents to $171.17 Monday ENERGY U.S. crude oil rose 18 cents to $49 a barrel in New York Brent crude the international standard picked up 11 cents to $52.21 a barrel in London BONDS Bond prices turned lower The yield on the 10-year Treasury note rose to 2.21 percent from 2.19 percent late Friday That helped banks as higher bond yields mean higher interest rates and greater profits on mortgages and other loans Bank of America climbed 48 cents or 2 percent to $24.35 and JPMorgan Chase gained $1.21 or 1.3 percent to $92.63 CURRENCIES The dollar rose to 109.45 yen from 109.04 yen The euro fell to $1.1785 from $1.1824 OVERSEAS Germany’s DAX jumped 1.4 percent as did the CAC 40 in France In Britain the FTSE 100 index added 0.8 percent Hong Kong’s Hang Seng index jumped 1.4 percent and the South Korean Kospi rose 0.6 percent Japanese stocks fell sharply as investors played catch-up after an extended holiday weekend The Nikkei ended 1 percent lower _ _ _ AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay