Markets Right Now: Tech companies rise but telecom tumbles
NEW YORK (AP) -- The latest on developments in financial markets (All times local):
Stocks are inching higher at midday as technology and energy companies rise, but phone companies slip.
Chipmaker Qualcomm rose 0.7 percent Monday, off earlier highs, after competitor Broadcom offered to buy it for $103 billion. Broadcom slid 0.7 percent.
Oil prices hit a two-year high as investors wondered if turmoil in Saudi Arabia will affect crude oil supplies.
Sprint sank 12.5 percent and T-Mobile lost 5.7 percent after they ended talks about a potential deal over the weekend.
The Standard & Poor's 500 index was little changed at 2,589.
The Dow Jones industrial average rose 4 points to 23,543. The Nasdaq composite added 7 points, or 0.1 percent, to 6,772. All three indexes finished at record highs Friday.
Stocks are little changed in early trading as technology and energy companies move higher, but phone companies slip.
Sprint and T-Mobile USA called off talks about a potential deal over the weekend and their stocks fell Monday. Sprint sank 13.3 percent and T-Mobile lost 5.1 percent.
Elsewhere Verizon Communications sank 4.1 percent.
Chipmaker Qualcomm jumped 5.5 percent after competitor Broadcom offered to buy the company for $103 billion, or $70 a share. Broadcom gained 2.3 percent.
The Standard & Poor's 500 index was little changed at 2,587.
The Dow Jones industrial average rose 2 points to 23,541. The Nasdaq composite added 9 points, or 0.2 percent, to 6,774. All three indexes finished at record highs Friday.