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New York Stock Exchange (Image: Chris Battaglia via Flickr)

US stocks open higher, building on the gains from last week

NEW YORK (AP) — Stocks are opening broadly higher, building on the market’s gains from late last week.

Banks and retailers had some of the biggest gains Tuesday. Several stocks were also moving on earnings and deal news.

Home security company ADT soared 50 percent after agreeing to be acquired by an investment company.

Spam maker Hormel Foods jumped 8 percent after reporting earnings that were higher than analysts had forecast.

The Dow Jones industrial average rose 142 points, or 0.9 percent, to 16,114 as of 9:35 a.m. Eastern time.

The Standard & Poor’s 500 index gained 19 points, or 1 percent, to 1,884. The Nasdaq composite climbed 65 points, or 1.5 percent, to 4,402.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.77 percent.

In related news, US stocks end a down week on an up note.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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