US stocks are bouncing back following two weeks of losses – U.S. News & World Report

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By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks are starting the week slightly higher following two weeks of losses. Health care stocks are making the biggest gains. Weak economic reports from China are pushing the prices of fuels and precious metals lower.

KEEPING SCORE: The Dow Jones industrial average gained 32 points, or 0.2 percent, to 17,772 as of 10:09 a.m. Eastern time. The Standard & Poor’s 500 index picked up 7 points, or 0.3 percent, to 2,063.The Nasdaq composite index rose 25 points, or 0.5 percent, to 4,760.

DOUGH FOR DOUGHNUTS: Krispy Kreme Doughnuts agreed to be taken private by JAB Beech for about $1.35 billion, or $21 per share. The company’s Board approved the sale and shareholders will vote on it in June. Krispy Kreme’s stock jumped $4.10, or 24.3 percent, to $20.96.

OUT OF THE CLUB: LendingClub tumbled $1.76, or 24.8 percent, to $5.34 after its chairman and CEO resigned. Renaud Laplanche left the company after an internal review of the sale of $22 million in loans to an investor.

TASTY: Meat producer Tyson Foods raised its annual projections after its second-quarter results surpassed Wall Street estimates. Its stock added $2.24, or 3.3 percent, to $69.49.

GET AWAY, GANNETT: Tribune Publishing traded lower after it tried to block a takeover by USA Today owner Gannett. Tribune says it adopted a one-year shareholder rights plan. Known as a “poison pill,” these types of plans are used to fight off hostile takeovers.

Tribune owns the Los Angeles Times and Chicago Tribune. Last week Tribune publishing rejected a $388 million offer from Gannett. Tribune stock slid 23 cents, or 2 percent, to $11.38.

OVERSEAS: Germany’s DAX advanced 1.5 percent while the CAC-40 in France rose 1 percent. The FTSE 100 index of leading British shares was little changed. Seoul’s Kospi was off 0.4 percent while Tokyo’s Nikkei 225 advanced 0.7 percent.

In China, the Shanghai Composite Index sank 2.8 percent after reports that reinforced concerns over the state of the world’s second-largest economy. Exports contracted by 1.8 percent in April from a year earlier and imports plunged 10.9 percent. Both totals were weaker than analysts expected.

COMMODITIES: China is a critical market for fuels and metals, and investors worried that the import and export data means demand is getting weaker. U.S. crude oil fell 46 cents, or 1 percent, to $44.20 a barrel in New York. Brent crude, a benchmark for international oil prices, fell 75 cents, or 1.7 percent.

Gold dropped $27.30, or 2.1 percent, to $1,266.70 an ounce and silver lost 50 cents, or 2.9 percent, to $17.02 an ounce. Copper sank 5 cents, or 2.2 percent, to $2.11 a pound.

Gold producer Newmont Mining fell $1.91, or 5.6 percent, to $32.22. Gold and copper miner Freeport-McMoRan lost 92 cents, or 7.8 percent, to $10.87. Aluminum producer Alcoa fell 40 cents, or 4 percent, to $9.64.

GERMANY BOOST: Germany’s DAX stock index was the standout performer in Europe after figures showed factory orders up strongly in March. The Federal Statistical Office said new orders rose 1.9 percent in March compared with the previous month. It also adjusted February’s decline to a drop of only 0.8 percent over January, less than the 1.2 percent drop initially reported.

BONDS, CURRENCIES: Bond prices continued to rise. The yield on the 10-year U.S. Treasury note fell to 1.76 percent from 1.78 percent. The dollar rose to 108.56 yen from 107.13 yen. The euro fell to $1.1391 from $1.1401.

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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay

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