NEW YORK (AP) – U.S. stocks opened higher Monday, led by gains for industrial companies and utilities. The market is steadying after a big-sell off on Friday when a strong jobs report boosted expectations that the Federal Reserve would raise interest rates this summer.
GM gained after announcing a $5 billion stock buyback to appease an activist investor.
KEEPING SCORE: The Standard & Poor’s 500 index rose three points, or 0.1 percent, to 2,074 as of 9:49 a.m. Eastern time. The Dow Jones industrial average climbed 58 points, or 0.3 percent, to 17,912 points. The Nasdaq composite was flat at 4,927.
BUYBACK DEAL: General Motors announced that it would buy back $5 billion of its own stock by the end of the year. The move is part of a deal with Harry Wilson, an activist investor and a former member of the government task force that restructured GM coming out of its 2009 bankruptcy. In exchange, Wilson agreed to withdraw his hostile candidacy for the Detroit automaker’s board of directors. GM’s stock rose 96 cents, or 2.6 percent, to $37.50.
APPLE WATCH: Apple CEO Tim Cook is expected to unveil the company’s Apple smartwatch and make the case for why it’s a must-have gadget at a San Francisco event later Monday. Apple teased the smartwatch in September but has given few details. Apple’s stock rose 83 cents, or 0.7 percent, to $127.43.