NEW YORK — U.S. stocks gained on Monday as investors focused on corporate news instead of geopolitical worries.
Kinder Morgan surged after announcing that it would combine a group of businesses that it controls to create the fourth-biggest U.S. energy company by market value. Banana seller Chiquita Brands International soared after the company received a $611 million buyout offer.
The stock market was extending a rebound from Friday when it logged its biggest one-day gain in five months following signs that tensions in Ukraine might be easing. In July stocks had slumped as tensions between Russia and the West had escalated.
“We’re hopeful that geopolitical tensions will ramp down,” said Jim Russell, a regional investment director at US Bank. “The fundamental economic backdrop remains pretty firm, even though investment sentiment remains less than certain.”
The Standard & Poor’s 500 index rose 5.33 points, or 0.3 percent, to 1,936.92. The Dow Jones industrial average climbed 16.05 points, or 0.1 percent, to 16,569.98 percent. The Nasdaq composite gained 30.43 points, or 0.7 percent, to 4,401.33.
Kinder Morgan was the biggest gainer in the S&P 500. The energy company rose $3.25, or 9 percent, to $39.37 after the company said Sunday that the group of oil and gas pipeline and storage companies that it controls will combine.
Shares of Priceline Group rose $27.72, or 2.2 percent, to $1,309.20 after the company reported second-quarter earnings that topped Wall Street expectations. The online travel company said the summer season got off to a strong start. Shares of rival Expedia gained $1.39, or 1.7 percent, to $83.94.
More than 90 percent of the companies in the S&P 500 index have now reported earnings for the second quarter.