Apple, Mylan, oil shares lead US stocks up

Wall Street stocks jumped early Monday with Apple gaining on news of more trouble with rival smartphone-maker Samsung and petroleum-linked shares advancing on higher oil prices.

Apple rose 1.6 percent as Samsung Electronics acknowledged it was adjusting production of the Galaxy Note 7 smartphone due to reports that replacement units for devices with exploding lithium-ion batteries are also catching fire.

Dow members ExxonMobil and Chevron both picked up more than one percent as US oil prices climbed above $50 a barrel.

About 35 minutes into trade, the Dow Jones Industrial Average stood at 18,381,53, up 0.8 percent.

The broad-based S&P 500 advanced 0.7 percent to 2,168.73 while the tech-rich Nasdaq Composite Index gained 0.9 percent to 5,338.80.

Mylan soared 9.4 percent after it announced late Friday that it reached a settlement with some regulators to pay $465 million to resolve accusations that it overbilled the federal Medicaid program for the EpiPen allergy medication

Twitter dived 12.7 percent following reports that several prospective acquirers of the company are no longer interested in bidding. One of the most often-mentioned names, Salesforce.com, jumped 6.1 percent; its shares had been beaten down after news surfaced that it was interested in Twitter.

Dow member Merck added 1.7 percent as it released research at an oncology conference in Denmark showing a strong performance for its Keytruda treatment for lung cancer in clinical tests.

Rival Bristol-Myers Squibb fell 9.1 percent after its treatment for the same condition performed “worse than expected,” said a note from Jefferies.