Big gain for stocks after Bernanke remarks

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The euro gained less than a penny against the dollar, to $1.335. Gold rose $23.20 to $1,685.60 an ounce.

The yield on the 10-year Treasury note rose to 2.25 percent from 2.23 percent late Friday. Rising yields are a sign that investors are willing to take money out of safer government bonds and put it into riskier investments like stocks.

The price of crude oil settled at $107.03, up 16 cents, and the average price of gasoline hit $3.90 per gallon. Last year’s peak was $3.98 but that was set in May, when the summer driving season begins and prices usually rise.

Among stocks making moves Monday:

• Lions Gate Entertainment climbed 4.5 percent after its movie “The Hunger Games” had a record-setting opening weekend.

• Select Comfort Corp., which makes Sleep Number beds, climbed 3.3 percent after KeyBanc reiterated its “buy” rating on the stock and said shipments across the mattress industry were up in February.

• American Express climbed 2.5 percent after announcing that it will raise its quarterly dividend to 20 cents from 18 cents. It is the company’s first dividend increase since November 2007.

• Tenet Healthcare rose 5.5 percent after the hedge fund Glenview Capital Management disclosed that it has taken a 5.5 percent stake in the company. That makes it Tenet’s fifth-largest shareholder.

• Safeway, the grocery chain, fell 3.4 percent, worst in the S&P 500, after a Credit Suisse analyst downgraded his rating on the company. The analyst said a pension liability could cause its costs to rise.


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