US stocks recover from an early slump and move higher

Staff Writer
Columbus CEO

U.S. stocks moved higher in morning trading Monday, recovering from an early slump after major oil-producing nations failed to hammer out a deal over the weekend to cut oil production, sending oil prices lower. Consumer discretionary and financial companies were among the biggest gainers.

KEEPING SCORE: The Dow Jones industrial average rose 45 points, or 0.3 percent, to 17,943 as of 10:09 a.m. Eastern time. The Standard & Poor's 500 index added three points, or 0.2 percent, to 2,084. The Nasdaq composite index gained six points, or 0.1 percent, to 4,944.

NO DEAL: Talks in Doha, Qatar, failed to reach a consensus on freezing production to support oil prices. Saudi Arabia said it wouldn't back a deal if Iran, which is trying to ramp up output as international sanctions are lifted, wasn't involved. Already tense relations between the two countries deteriorated in recent months over issues including the wars in Syria and Yemen, in which they are backing opposing sides.

ENERGY: U.S. crude was down $1.08, or 2.7 percent, at $39.30 a barrel in New York. Brent crude, the international benchmark, was down 96 cents, or 2.2 percent, at $42.12 a barrel in London. Earlier, both prices had been even lower, with New York crude down 7 percent at one point.

TIME TO PLAY: Hasbro jumped 3.9 percent after reporting better results than analysts were expecting. The toy company benefited from strong sales of "Star Wars," ''Frozen" and Disney princess products. The stock added $3.17 to $85.58.

OIL IMPACT: Chesapeake Energy slid 19 cents, or 3.1 percent, to $5.85 as the price of crude declined.

OVERSEAS: Germany's DAX rose 0.3 percent, while the CAC-40 in France edged up 0.1 percent. Britain's FTSE 100 index was flat. In Asia, Japan's Nikkei 225 index dropped 3.4 percent as a rising yen and quake-related production halts added to investor worries. Hong Kong's Hang Seng index lost 0.7 percent. South Korea's Kospi slid 0.3 percent, while Australia's S&P/ASX 200 dipped 0.4 percent.

BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.78 percent from 1.75 late Friday. In currency markets, the dollar slipped to 108.83 yen from 108.70 yen. The euro rose to $1.1302 from $1.1288.