NEW YORK (AP) — The latest on developments in financial markets (all times local):
9:35 a.m.
U.S. stocks are climbing at the start of trading following big gains for European indexes.
Open-source software maker Red Hat rocketed 48.5 percent Monday after IBM agreed to buy it for $34 billion in stock. IBM fell 4.1 percent.
Stocks have repeatedly changed direction over the last few days. The S&P 500 index is down 7.5 percent this month after a rocky few weeks.
Italy’s FTSE MIB soared 2.4 percent after Standard & Poor’s decided not to downgrade the company’s credit rating.
The S&P 500 index gained 35 points, or 1.4 percent to 2,695.
The Dow Jones Industrial Average rose 253 points, or 1 percent, to 24,941. The tech-heavy Nasdaq composite advanced 101 points, or 1.4 percent, to 7,268.
