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US stocks edge up on tech gains; energy shares sag
NEW YORK - US stocks edged higher on Monday as an upgrade of Intel Corp. and a partnership between eBay Inc. and Google Inc. boosted the technology sector, overshadowing weakness in energy shares as oil prices fell.
Several deals and a newspaper report that Ford Motor Co. is considering selling a large stake in its Ford Credit financing arm also gave stocks some support.
Crude oil futures fell than $1 a barrel after Tropical Storm Ernesto was downgraded from a hurricane on Sunday, but forecasters kept in effect a hurricane watch for southern Florida.
“One thing people are focusing on is Tropical Storm Ernesto. There was a lot of fear on Friday that this would be doozy of a storm and a lot of the air is coming out of that,” said Kevin Kruszenski, head of listed trading, KeyBanc Capital Markets in Cleveland. “That’s got a pull-back going on in the energy stocks.”
The Dow Jones industrial average was up 22.50 points, or 0.20 percent, at 11,306.55. The Standard & Poor’s 500 Index
was up 2.24 points, or 0.17 percent, at 1,297.33. The Nasdaq Composite Index was up 7.14 points, or 0.33 percent, at 2,147.43.
Shares of eBay, the Internet auctioneer, and Google, the Web search company, rose after the two companies said Google will handle eBay’s Web search advertising outside the United States.
Shares of Intel Corp. rose after Friedman Billings Ramsey upgraded the blue-chip semiconductor maker to “outperform” from ”market perform,” theflyonthewall.com reported on Monday.
Intel shares gained 1.1 percent to $19.10, while eBay stock rose 2.6 percent to $25.94 and Google rose 1 percent to $376.86, all on the Nasdaq.
The Detroit News reported carmaker Ford is considering selling a significant stake of its credit arm as a part of sweeping restructuring changes.
Shares of Ford rose 1.1 percent to $8.09 on the NYSE.
Oil and gas pipeline operator Kinder Morgan Inc. said on Monday it signed a definitive agreement to be bought by an investor group for $15 billion in cash.
Kinder Morgan shares were up 2.5 percent to $104.24
Oil refiner and marketer Western Refining Inc. plans to acquire Giant Industries Inc. for about $1.22 billion in cash, said a source familiar with the situation on Monday.
Giant Industries stock shot up 13.8 percent to $81.70,
Exxon Mobil shares were down 0.5 percent to $70.11, making them the top drag on the S&P 500. Chevron shares were also lower, down 0.9 percent to $66.20.
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