Stocks open higher; ConAgra Foods jumps on spinoff news

AP News
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Posted: Nov 18, 2015 9:46 AM
Stocks open higher; ConAgra Foods jumps on spinoff news

Stocks are opening higher as investors are encouraged by some corporate deal news.

ConAgra Foods jumped 5 percent early Wednesday after announcing that it would spin off its frozen potatoes business.

The railroad operator Norfolk Southern climbed 6 percent after receiving an unsolicited offer to be bought out by Canadian Pacific.

The Dow Jones industrial average gained 64 points, or 0.4 percent, to 17,554 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 2,057. The Nasdaq composite increased 16 points, or 0.3 percent, to 5,002.

The price of oil rose 1 percent to just over $41 a barrel.

Bond prices barely budged. The yield on the 10-year Treasury note was little changed at 2.28 percent.