US stocks jump as energy companies and Apple move higher

NEW YORK (AP) — U.S. stocks are climbing in Monday trading as energy companies rise in tandem with the price of oil. Materials companies are also moving up. Apple is rising after new reports of fires affecting Samsung's Galaxy Note 7 phone, which competes with Apple's iPhone. That's sending...

 
              In this Friday, Oct. 7, 2016, photo, a statue of George Washington is poised above Wall Street, in New York. U.S. stocks are rising early Monday, Oct. 10, 2016, as energy companies climb with the price of oil. Apple is leading technology stocks higher as Samsung’s Galaxy Note 7 is beset by new problems. Drugmaker Mylan is up after it agreed to settle an investigation into allegations it overcharged the government for its EpiPen shot. (AP Photo/Mark Lennihan)

NEW YORK (AP) — U.S. stocks are climbing in Monday trading as energy companies rise in tandem with the price of oil. Materials companies are also moving up. Apple is rising after new reports of fires affecting Samsung's Galaxy Note 7 phone, which competes with Apple's iPhone. That's sending technology stocks higher.

KEEPING SCORE: The Dow Jones industrial average jumped 148 points, or 0.8 percent, to 18,388 as of 11 a.m. Eastern time. The Standard & Poor's 500 index rose 15 points, or 0.7 percent, to 2,168. The Nasdaq composite added 48 points, or 0.9 percent, to 5,340.

ENERGY: Benchmark U.S. crude rose $1.52, or 3.1 percent, to $51.33 a barrel in New York while Brent crude, used to price international oils, gained $1.46, or 2.8 percent, to $53.39 a barrel in London. Exxon Mobil climbed $1.83, or 2.1 percent, to $88.57 and Murphy Oil added 91 cents, or 3.1 percent, to $30.42.

SHOT IN THE ARM: Drugmaker Mylan gained $2.92, or 8.1 percent, to $38.86. On Friday the company agreed to pay $465 million to settle allegations it overcharged the Medicaid program for its EpiPen allergy shot. Legislators and federal health authorities had said Mylan wrongly classified EpiPen as a generic drug instead of a brand-name one, which meant Mylan paid lower rebates to federal and state Medicaid programs. The stock is down 20 percent since late August.

BRISTOL BUMPED: Bristol-Myers Squibb lost $5.43, or 9.8 percent, to $50 after the company reported new data from a study of its drug Opdivo in lung cancer patients. Rival Merck rose $1.43, or 2.3 percent, to $64.20 as investors were pleased with the outcome of a study of its cancer treatment Keytruda. Bristol-Myers stock has dropped 34 percent since the company announced initial results from that trial in early August while Merck has gained 11 percent.

TWITTER BLOCKED: Social media network Twitter continued to fall as investors grew less optimistic that the company will be sold. Twitter sank $2.79, or 14.1 percent, to $17.06. It fell 20 percent Thursday on reports that possible buyers including Apple and Alphabet had decided not to make offers.

SAMSUNG'S PAIN, APPLE'S GAIN: Apple climbed $2.22, or 1.9 percent, to $116.28 as investors hope it will be able to sell more iPhones as competitor Samsung faced new problems with its Galaxy Note 7. Samsung said it has changed its production of the phones following reports that some of its replacement phones are overheating and catching fire, just as the original version of the phone did before Samsung recalled it last month. Samsung did not confirm or deny a report from a Korean news agency that it suspended production of the Note 7 phone.

MATERIALS MOVE: Chemicals companies traded higher. LyondellBassell Industries gained $1.43, or 1.8 percent, to $82.87. Dow Chemical picked up 81 cents, or 1.5 percent, to $53.80 and DuPont, which plans to combine with Dow, rose $1.18, or 1.7 percent, to $53.80.

PESOS AND PRESIDENTS: The Mexican peso surged to 18.8383 from 19.2961 following a calamitous weekend for Republican presidential candidate Donald Trump. Trump has criticized Mexico and its trade agreements with the U.S., so the peso has become something of an indicator of how investors feel about the election. The currency has tended to weak when investors feel Trump is doing better and gets stronger when investors feel more confident in Democratic candidate Hillary Clinton's chances.

The U.S. buys about 80 percent of Mexico's exports, which gives it a big influence on the Mexican economy. The peso has fallen sharply this year but is currently the strongest it's been in about a month.

DOVER DIVES: Manufacturer Dover forecast a smaller profit and a bigger decline in revenue because of weaker spending in several industries and production problems in its retail refrigeration unit. The company also said its purchase of British company Wayne Fueling Systems won't close until early next year because regulators in the United Kingdom are still reviewing the deal. The stock gave up $4.26, or 5.9 percent, to $67.98.

OVERSEAS: Germany's DAX rose 1.3 percent and the CAC-40 in France was 1.1 percent higher. The FTSE 100 in London rose 0.8 percent. Seoul's Kospi rose 0.1 percent. Japan's markets were closed for a holiday.

CURRENCY: The dollar rose to 103.53 yen from 103.06 yen Friday. The euro fell to $1.1164 from $1.1182, and the British pound fell to $1.2378 from $1.2435. Bond trading was closed for the Columbus Day holiday.

___

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay

More