NEW YORK (AP) – U.S. stocks crept higher in early trading on Tuesday, putting the market on track for its third gain in a row. Global stock markets rallied on expectations the U.S. Federal Reserve will put off an interest rate increase until late in the year.
KEEPING SCORE: The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 2,083 as of 10:12 a.m. Eastern time. The Dow Jones industrial average rose 47 points, or 0.3 percent, to 17,926, while the Nasdaq composite picked up 15 points, or 0.3 percent, to 4,932.
DELIVERY: FedEx said it reached an agreement to take over TNT Express, one of Europe’s largest delivery companies, for 4.4 billion euros, or $4.8 billion. If shareholders approve of it, the companies expect to wrap up the deal in the first half of 2016. FedEx’s stock surged $6.50, or 4 percent, to $173.29.
DEALS: Warren Buffett’s Berkshire Hathaway plans to take a nearly 10 percent stake in Axalta Coating Systems, which makes specialized coatings for cars and trucks. Berkshire is buying 20 million shares for $28 from The Carlyle Group, a private equity firm. Axalta, which went public in November, jumped $1.59, or 6 percent, to $29.90.
EUROPE: In Europe’s first day of trading since the Easter holidays, Germany’s DAX gained 1.2 percent, while France’s CAC-40 rose 1.6 percent. Britain’s FTSE 100 added 1.7 percent.