US stocks gain in midday trading as crude oil rises
NEW YORK (AP) — Stocks rose in midday trading on Monday, led by gains in energy companies as the price of crude oil increased sharply.
Benchmark U.S. crude rose $1.49, or 3.2 percent, to $47.70 a barrel following news of continued production troubles in Nigeria and an upbeat forecast from Goldman Sachs.
THE QUOTE: "If it's oil making headline news, stocks will trade off of oil," said Anna Rathbun, director of research for investment manager CBIZ Retirement Plan Services.
Warren Buffett's Berkshire Hathaway bought 9.8 million Apple shares as the tech giant traded near its lowest price in almost two years, according to regulatory documents released Monday.
Memorial Resource Development jumped $1.10, or 8 percent, to $14.55 per share after natural gas company Range Resources said it would buy it for $3.3 billion.
A report over the weekend showed that industrial production growth in China slipped to a year-on-year rate of 6 percent in April from 6.8 percent the previous month, adding to fears of a slowdown in the world's second-biggest economy.
In addition to planned remarks from several Fed officials, traders will also be monitoring Wednesday's release of minutes from the last meeting of the Fed policymakers.