Stocks gain, pushing market to record levels - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Stocks gain, pushing market to record levels

By STEVE ROTHWELL

AP Markets Writer NEW YORK (AP) - Stocks rose on Monday, pushing U.S. market indexes to all-time highs, as investors bought some of the unloved stocks that have been slumping in recent weeks. Pinnacle Foods jumped after the company said it would be acquired by Hillshire Brands.

KEEPING SCORE: The Standard & Poor's 500 index rose 14 points, or 0.8 percent, to 1,893 as of 12:13 p.m. The index closed at an all-time high of 1,890 on April 2. The Dow Jones industrial average gained 99 points, or 0.6 percent, to 16,683. The Dow closed at a record high on Friday of 16,583. The Nasdaq climbed 59 points, or 1.5 percent, to 4,131.

BARGAIN HUNTING: Some areas of the market that had slumped in recent weeks gained on Monday. Facebook rose $1.81, or 3.2 percent, to $59.05. The stock is still down 18 percent since March 10, after investors started dumping high-growth stocks. Twitter, another stock that has been beaten down recently, rose $1.36, or 4 percent, to $33.34. The social media company's stock is still down 50 percent this year.

SMALL STOCK REVIVAL: The Russell 2000 index, which is made up of small company stocks, rose 2.2 percent, its biggest gain in two months. The index climbed slumped almost 10 percent from March 4 and May 9 as investors sold riskier stocks in favor of big, less volatile stocks that also pay richer dividends.

GOBBLED UP: Pinnacle Foods surged $4.35, or 14.3 percent, to $34.80 after the company agreed to be acquired by Hillshire Brands. Pinnacle's brands include Duncan Hines and Aunt Jemima, while Hillshire makes Jimmy Dean and Sara Lee products. Hillshire fell $2.15, or 5.8 percent, to $34.81.

EUROPEAN CONSOLDATION: Twenty-First Century Fox rose $1.11, or 3.3 percent, to $35.27 following reports that the company is seeking to consolidate its European satellite television business.

THE QUOTE: A backdrop of an improving economy and low interest rates should favor stocks in the long run, said Gerry Paul, chief investment officer of U.S. value equities at AllianceBernstein.

"We've taken a temporary pause in the confidence that was pushing the market forward," Paul said. "But the fundamentals will ultimately bear out and bring people back in."

BONDS AND COMMODITIES: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.65 percent from 2.63 percent late Friday. The price of oil rose 65 cents, or 0.6 percent, to $100.65 a barrel.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Minneapolis police chief resigns in wake of officer shooting

    Minneapolis police chief resigns in wake of officer shooting

    Friday, July 21 2017 9:29 AM EDT2017-07-21 13:29:11 GMT
    Friday, July 21 2017 8:52 PM EDT2017-07-22 00:52:33 GMT
    The Minneapolis police chief says an Australian woman should not have been shot to death by an officer responding to her 911 call and that she doesn't support the officer's actions.
    The Minneapolis police chief says an Australian woman should not have been shot to death by an officer responding to her 911 call and that she doesn't support the officer's actions.
  • Trump Jr., Manafort in talks with Senate panel

    Trump Jr., Manafort in talks with Senate panel

    Friday, July 21 2017 3:28 AM EDT2017-07-21 07:28:25 GMT
    Friday, July 21 2017 8:52 PM EDT2017-07-22 00:52:00 GMT
    President Donald Trump's legal team is evaluating potential conflicts of interest among members of special counsel Robert Mueller's investigative team.
    President Donald Trump's legal team is evaluating potential conflicts of interest among members of special counsel Robert Mueller's investigative team.
  • Russian who met Trump Jr. represented intelligence agency

    Russian who met Trump Jr. represented intelligence agency

    Friday, July 21 2017 11:10 AM EDT2017-07-21 15:10:26 GMT
    Friday, July 21 2017 8:00 PM EDT2017-07-22 00:00:14 GMT

    The Russian lawyer who met Donald Trump Jr. during the 2016 campaign has represented a military unit operated by Russia's intelligence agency.

    The Russian lawyer who met Donald Trump Jr. during the 2016 campaign has represented a military unit operated by Russia's intelligence agency.

Powered by Frankly