Tech companies, banks are big gainers as US stocks rally

U.S. stocks were broadly higher in late morning trading Monday, adding to the market’s gains last week. Technology companies, banks and health care stocks accounted for much of the rally. Investors were weighing the latest company earnings and deal news. Oil prices were pulling back after surging last week ahead of the U.S.-led missile attack on Syria’s chemical weapons program.

KEEPING SCORE: The S&P 500 index rose 15 points, or 0.6 per cent, to 2,671 as of 11:20 a.m. Eastern Time. The Dow Jones industrial average gained 179 points, or 0.7 per cent, to 24,539. The Nasdaq added 19 points, or 0.3 per cent, to 7,125. The Russell 2000 index of smaller-company stocks picked up 7 points, or 0.5 per cent, to 1,557.

THE QUOTE: “What we have going on is a little bit of a relief rally,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “The whole Syria situation could have gone a lot worse.”

EYE ON EARNINGS: It’s report card time for corporate America the next few weeks. Wall Street is forecasting the strongest growth in seven years for S&P 500 companies, and the hope has been that healthy profit reports will steady the market following a rough couple of months.

ICAHN’S GAMBLE: Carl Icahn’s company has struck a roughly $1.85 billion deal that would fuse the gaming and hotel operations of Tropicana Entertainment to Eldorado Resorts Inc. Tropicana vaulted 27.1 per cent to $69.91. Eldorado jumped 15.7 per cent to $41.30.

WAY TO DELIVER: Domino’s rose 1.5 per cent to $233.75 after the pizza chain said that it will now deliver to the great outdoors, which has been bringing pizzas to doorsteps for more than half a century, will now deliver to beaches, parks and other outdoor spots.

KEEP ON TRUCKIN: Investors welcomed J.B. Hunt Transport Services’ latest quarterly results. The transportation company said shipping volumes grew in the first quarter and rates increased. Its shares climbed 7.2 per cent to $120.86.

C-SUITE SHAKEUP: Shares in WPP, the world’s largest ad agency, fell 5.8 per cent to $79.66 after its CEO, Martin Sorrell, resigned over an investigation into personal misconduct. Analysts say his departure could leave the company he founded three decades ago rudderless, but could also see parts sold off for higher value.

ENERGY: Oil prices fell back from spikes last week on fears over an escalation of strife in the Middle East. Benchmark U.S. crude declined 87 cents, or 1.3 per cent, to $66.52 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, slid 83 cents, or 1.1 per cent, to $71.75 per barrel.

BOND YIELDS: Bond prices fell. The yield on the 10-year Treasury rose to 2.85 per cent from 2.83 per cent late Friday.

CURRENCIES: The dollar fell to 107.25 yen from 107.41 yen on Friday. The euro strengthened to $1.2368 from $1.2334.

OVERSEAS: In Europe, Germany’s DAX was off 0.4 per cent, while the CAC 40 in France fell 0.1 per cent. The FTSE 100 in Britain dropped 0.8 per cent. Earlier in Asia, Japan’s Nikkei 225 index rose 0.3 per cent, while Hong Kong’s Hang Seng dropped 1.6 per cent. South Korea’s Kospi edged 0.1 per cent higher. Australia’s S&P ASX 200 picked up 0.2 per cent.