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

NEW YORK, N.Y. – 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 per cent after agreeing to be acquired by an investment company.

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

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

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

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