NEW YORK (AP) — U.S. stocks are rising in early trading Thursday as technology companies like Apple resume their upward march. Software company CA is soaring after chipmaker Broadcom agreed to buy it for $18.9 billion. Health care and industrial companies are also higher.
KEEPING SCORE: The S&P 500 index gained 13 points, or 0.5 percent, to 2,787 as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 159 points, or 0.7 percent, to 24,869. The Nasdaq composite advanced 50 points, or 0.7 percent, to 7,767. The Russell 2000 index of smaller-company stocks was unchanged at 1,683.
The S&P 500 fell 0.7 percent Wednesday as new trade threats between the U.S. and China led to big losses for industrial, energy and materials companies. Those stocks regained a fraction of their losses.
CHIP SHOPPING: CA accepted an offer from Broadcom worth $18.9 billion, or $44.50 per share. Its stock rocketed 18.1 percent to $43.95 while Broadcom, which plans to take on $18 billion in debt to pay for CA, lost 17.5 percent to $200.75.
Other technology companies also climbed as the industry recovered the losses it suffered on Wednesday. Apple rose 1.1 percent to $190.04 and Microsoft gained 1.2 percent to $103.17. Intel rebounded 2.2 percent to $52.33.
EXPENSIVE SUBSCRIPTION: The merry-go-round of potential media deals continued as Comcast offered to buy European pay-TV company Sky for $34 billion just a day after Twenty-First Century Fox increased its own offer for Sky.
Fox already owns 39 percent of Sky’s stock. While Fox and Comcast tangle over Sky, Comcast and Disney are trying to buy Fox itself. Fox recently accepted a $71 billion offer from Disney, and the New York Times reported Thursday that Comcast will end its pursuit of Fox and focus on Sky.
Sky stock rose 2.6 percent