Chip deal sets off an early rally in technology shares

AP News
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Posted: Jun 01, 2015 9:42 AM
Chip deal sets off an early rally in technology shares

NEW YORK (AP) — U.S. stocks are opening modestly higher, led by gains in the technology sector following a big acquisition in the semiconductor industry.

Chip designer Altera jumped 6 percent, the most in the Standard & Poor's 500 index, after the company agreed to be acquired by Intel for $17 billion in cash.

The Dow Jones industrial average rose 58 points, or 0.3 percent, to 18,062 as of 9:35 a.m. Eastern time Monday.

The S&P 500 rose three points, or 0.2 percent, to 2,111. The Nasdaq composite gained 13 points, or 0.3 percent, to 5,083.

The price of crude oil fell 16 cents to $60.13 a barrel in New York.

Bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.13 percent.