NEW YORK (AP) — U.S. stocks are on track for record highs Monday as health care companies lead the market broadly higher. Energy companies are plunging as the prices of crude oil and other fuels fall sharply. Nordstrom is tumbling after the New York Post said talks to take the department store company private were stalling. Spain’s main stock index is dropping after reports of widespread violence and unrest as the Catalan region votes on an independence referendum.
KEEPING SCORE: The Standard & Poor’s 500 index rose 5 points, or 0.2 percent, to 2,524 as of 11:35 a.m. Eastern time. The Dow Jones industrial average advanced 75 points, or 0.3 percent, to 22,479. The Nasdaq composite gained 13 points, or 0.2 percent, to 6,509. The Russell 2000 index of smaller-company stocks jumped 5 points, or 0.4 percent, to 1,496. The S&P 500, Nasdaq and Russell closed at record highs Friday, while the Dow is trading above its record high close set on Sept. 20.
NORDSTROM WOES: Nordstrom slumped following a report that talks to sell the company to a group of investors including the Nordstrom family could fall apart. The New York Post reported that the would-be buyers are having trouble getting enough financing to complete the sale, and that the recent bankruptcy of retailer Toys R Us was making that process harder.
Nordstrom rallied in recent months after it disclosed the talks. On Monday its stock fell $3.56, or 7.6 percent, to $43.59. Other retailers also falling on concerns about the value of the companies and their ability to raise money. Rival department stores took steep losses. Macy’s retreated $1.16, or 5.3 percent, to $20.66 and Kohl’s slumped $1.74, or 3.8 percent, to $43.91.
OIL SLICK: Benchmark U.S. crude fell $1.56, or 3 percent, to $50.11 a barrel in New York. Brent crude, the standard for international oil prices, shed $1.22, or 2.1 percent, to $55.57 a barrel in London. Wholesale gasoline, heating oil and natural gas prices also sank.
Exxon Mobile gave up 59 cents to $81.39 and Chevron declined $1.09 to $116.41. Hess shed 91 cents, or 1.9 percent, to $45.98.
EARLY LEADERS: Health insurer UnitedHealth picked up $1.30 to $197.15 and genetic testing equipment company Illumina gained $3.13, or 1.6 percent, to $202.33. Drugmaker AbbVie climbed 69 cents to $89.55
Chipmaker Intel added 55 cents, or 1.4 percent, to $38.63. PayPal rose 70 cents, or 1.1 percent, to $64.73. Cloud computing company Citrix Systems jumped $3.54, or 4.6 percent, to $80.36.
CHANNEL CHANGER: Shares of Disney and cable company Altice both rose after the two sides resolved a dispute that could have resulted in a blackout of Disney channels like ABC and ESPN in the New York area. The two sides differed over how much Altice has to pay to broadcast the channels, a cost that gets passed down to its cable customers.
Altice runs Optimum cable. Altice USA gained 64 cents, or 2.3 percent, to $27.95 and Disney edged up $1.23, or 1.2 percent, to $99.80.
CAVITY: Dental products manufacturer Dentsply Sirona plunged after the company said its board replaced the company’s chairman, its CEO and its president. The company said the changes are intended to help it “achieve its potential” are not related to any financial issues. The stock dropped $3.22, or 5.4 percent, to $56.60.
LAS VEGAS: MGM Resorts stock fell after a man shot and killed at least 58 people and wounded more than 500 at a concert at MGM’s Mandalay Bay Hotel and Casino in Las Vegas. It’s one of the deadliest mass shootings in U.S. history. Police say the shooter was 64-year-old Stephen Paddock and that he shot himself inside the hotel.
Shares of gun manufacturers traded higher, as they often do following large shootings as investors wonder if the violence will lead to greater gun sales. Sturm, Ruger jumped $2.40, or 4.6 percent, to $54.10 and American Outdoor Brands, the parent of Smith & Wesson, rose 87 cents, or 5.7 percent, to $16.12.
EUROPE: The euro declined and Spanish stocks dropped as investors reviewed an independence vote and unrest in Catalonia. Officials in the region, which includes Barcelona and accounts for a large portion of Spain’s economy, say an overwhelming majority of voters supported independence from Spain. The central government says the referendum is invalid and illegal. Close to 900 people were injured in confrontations with police who were trying to shut down the voting, although most of the injuries were not serious. More than 30 police officers were also hurt.
The Spanish IBEX index dropped 1.4 percent.
BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.34 percent.
CURRENCIES: The dollar rose to 112.68 yen from 112.51 yen. The euro fell to $1.1740 from $1.1816.
OVERSEAS: Germany’s DAX advanced 0.5 percent and the CAC 40 of France rose 0.2 percent. The British FTSE 100 index added 0.8 percent. Japan’s benchmark Nikkei 225 index rose 0.2 percent. Markets in Hong Kong and South Korea were closed Monday for national holidays.
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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay
