U.S. stocks moved higher in morning trading Monday, recovering from an early slump after major oil-producing nations failed to hammer out a deal over the weekend to cut output, sending crude oil prices lower. Health care and consumer discretionary companies were among the biggest gainers.
KEEPING SCORE: The Dow Jones industrial average rose 60 points, or 0.3 percent, to 17,958 as of 11:13 a.m. Eastern time. The Standard & Poor’s 500 index added eight points, or 0.4 percent, to 2,089. The Nasdaq composite index gained 15 points, or 0.3 percent, to 4,954.
NO DEAL: Talks in Doha, Qatar, failed to reach a consensus on freezing production to support oil prices. Saudi Arabia said it wouldn’t back a deal if Iran, which is trying to ramp up output as international sanctions are lifted, wasn’t involved. Already tense relations between the two countries deteriorated in recent months over issues including the wars in Syria and Yemen, in which they are backing opposing sides.
ENERGY: U.S. crude was down 76 cents, or 1.8 percent, at $39.63 a barrel in New York. Brent crude, the international benchmark, was down 44 cents, or 1 percent, at $42.67 a barrel in London. Earlier, both prices had been even lower, with New York crude down 7 percent at one point.
TIME TO PLAY: Hasbro jumped 5.5 percent after reporting better results than analysts were expecting. The toy company benefited from strong sales of “Star Wars,” ”Frozen” and Disney princess products. The stock added $4.51 to $86.92.
BIG PHARMA: Several pharmaceutical companies were trading higher. Endo International surged $1.08, or 4 percent, to $27.40, while Vertex Pharmaceuticals gained $3.72, or 4.6 percent, to $85.48. Regeneron Pharmaceuticals climbed $12.32, or 3 percent, to $419.05. Alexion Pharmaceuticals also rose, adding $4.26, or 2.8 percent, to $157.35.
STREAM THIS: Amazon rose 1.4 percent after the e-commerce giant introduced a stand-alone video streaming service available to users who aren’t already subscribers to its Amazon Prime service. The stock added $8.77 to $634.66.
OIL IMPACT: Chesapeake Energy slid 20 cents, or 3.3 percent, to $5.83 as the price of crude declined.
RATTLED: Taser, which makes electrical weapons and body cameras, is down about 5 percent following news that Los Angeles is delaying a plan to put body cameras on almost all of its police officers. Taser shed 99 cents to $18.15.
BIG SLIDE: Calumet Specialty Products Partners tumbled 46.7 percent after the fuel and specialty chemicals company issued a discouraging first-quarter forecast and suspended its cash distribution. The company lost $4.80 to $5.47.
OVERSEAS: Germany’s DAX rose 0.3 percent, while the CAC-40 in France edged up 0.4 percent. Britain’s FTSE 100 index was up 0.1 percent. In Asia, Japan’s Nikkei 225 index dropped 3.4 percent as a rising yen and quake-related production halts added to investor worries. Hong Kong’s Hang Seng index lost 0.7 percent. South Korea’s Kospi slid 0.3 percent, while Australia’s S&P/ASX 200 dipped 0.4 percent.
BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.78 percent from 1.75 late Friday. In currency markets, the dollar slipped to 108.78 yen from 108.70 yen. The euro rose to $1.1323 from $1.1288.
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