Markets Right Now: Stocks climb, adding to recent gains

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Stocks built on their recent momentum on Wall Street but the gains were relatively modest and trading remained choppy.

Facebook jumped 4.2% and Netflix added 3.2% Monday, leading the way higher among communications companies.

Health care stocks were also higher. Cancer drug maker Array jumped 57% after agreeing to be acquired by Pfizer.

Sotheby’s soared 59% after the auction house announced a deal to be taken private.

Banks fell as bond yields remained extremely low. PNC Financial lost 2%.

The yield on the 10-year Treasury note held steady at 2.08%.

The S&P 500 index rose 2 points, or 0.1%, to 2,889.

The Dow Jones Industrial Average rose 22 points, or 0.1%, to 26,112. The Nasdaq rose 48 points, or 0.6%, to 7,845.

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11:45 a.m.

Stocks are moving broadly higher on Wall Street as the market builds on two weeks of gains.

Technology and communications companies rose more than other sectors in midday trading Monday.

Chipmaker Qualcomm rose 1.4% and Facebook added 3.1%.

Several companies were making big moves on deal news.

Array BioPharma jumped 55% after agreeing to be bought by Pfizer, and auction house Sotheby’s soared 58% after announcing a deal to be acquired by Patrick Drahi, a business executive and art collector.

The S&P 500 index rose 6 points, or 0.2%, to 2,893.

The Dow Jones Industrial Average rose 58 points, or 0.2%, to 26,148. The Nasdaq rose 55 points, or 0.7%, to 7,852.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.08%.

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9:35 a.m.

Stocks are getting off to a mostly higher start on Wall Street as the market comes off two weeks of gains.

Internet companies and retailers were up more than other sectors in early trading Monday. Facebook added 2% and CarMax rose 1.6%

Several companies were making big moves on deal news.

Array BioPharma jumped 58% after agreeing to be bought by Pfizer, and auction house Sotheby’s soared 57% after announcing a deal to be acquired by Patrick Drahi, a business executive and art collector.

The S&P 500 index rose 2 points, or 0.1%, to 2,888.

The Dow Jones Industrial Average slipped 21 points, or 0.1%, to 26,069. The Nasdaq rose 29 points, or 0.4%, to 7,826.

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