US stocks up as DuPont surges

New York - An unexpected chief executive resignation at DuPont lifted the Dow in early trade Tuesday as the S&P 500 and Nasdaq edged higher.

About 30 minutes into trade, the Dow Jones Industrial Average was at 16 860.31, up 83.88 points.

The broad-based S&P 500 added 0.21% at 1 991.22, while the tech-rich Nasdaq Composite Index advanced 0.03% to 4 782.86.

DuPont surged 11.0% higher after the chemical company announced late on Monday that chief executive Ellen Kuhlman would retire this month following a turbulent battle with activist investor Nelson Peltz.

US stocks have risen two straight sessions since a weak US jobs report Friday dimmed expectations for an imminent interest rate increase by the Federal Reserve.

PepsiCo rose 1.8% after reporting third-quarter net income that translated into $1.35 per share, 10 cents above expectations.

Illumina, which develops technology for genetic testing, sank 14.4 percent as it announced estimated third-quarter revenues of $550m, below the $567.4m projected by analysts.

Semiconductor company PMC-Sierra bolted up 33.2% on news it would be acquired by Skyworks Solutions for $2bn in cash. Skyworks lost 2.9%.

Mining and oil company Freeport-McMoRan jumped 6.1% on news it was considering spinning off its oil and gas business or implementing other strategic changes to "achieve self-funding" for the enterprise. Freeport is also slashing its board from 16 to nine members.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.07% from 2.06% on Monday, while the 30-year advanced to 2.92% from 2.90%. Bond prices and yields move inversely.

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