US stocks surge with tech stocks taking the lead
NEW YORK (AP) — U.S. stocks are on pace for their biggest gain since March as technology companies like Apple and Microsoft climb.
Rising interest rates sent bank stocks higher.
Home builder Toll Brothers reported better first-quarter results than analysts expected, and the company raised its annual projections for home prices and sales.
When things get too stretched they snap back, said David Lefkowitz, senior equity strategist at UBS Wealth Management.
Agribusiness giant Monsanto rejected an offer from German conglomerate Bayer worth $62 billion, or $122 per share.
Streaming video company Netflix jumped after it said it struck deal with Disney.
Starting in September, Netflix will have exclusive U.S. rights to new movies from Disney, Marvel, Lucasfilm and Pixar.
Electronics retailer Best Buy said its quarterly sales kept falling and its outlook was weak.
Shoe and accessories retailer DSW cut its outlook, saying it expects weaker sales this year.
The social media service said that in a few months, photos, videos and other media won't count toward its character limit.
Japan's benchmark Nikkei 225 fell 0.9 percent as the yen continued to strengthen, hurting Japanese exporters.
Oil is trading at its highest price since early October, and benchmark U.S. crude picked up 54 cents, or 1.1 percent, to $48.62 a barrel in New York.