* Major indices extend Friday rally
* Ebola concerns push biopharmaceutical shares up
* Priceline shares gain after results, lifting Expedia,
* Indexes up: Dow 0.3 pct, S&P 0.5 pct, Nasdaq 0.9 pct
(Updates to afternoon trading, adds Tekmira, updates quote)
By Akane Otani
NEW YORK, Aug 11 U.S. shares rose modestly in
Monday trading, continuing a recovery from a brief correction
that ended Friday as investors focused on hopes for easing
tensions between Ukraine and Russia.
Consumer staples shares led the gains, with a 1 percent
increase for that sector. The best performing name was food
service company Sysco Corp, which rose 3.7 percent after
Gains were broad, with nine of the S&P's 10 primary sectors
up in trading. The rally extended gains from Friday, when the
S&P 500 and Dow Jones industrial average posted their best day
since March on news Russia would cease military exercises near
the Ukraine border.
The market seemed little affected by news Russia would send
an aid convoy to eastern Ukraine, a move Western officials have
said could serve as a pretext for an invasion.
NATO chief Anders Fogh Rasmussen warned that he still sees a
"high probability" that Russia, using the guise of a
humanitarian mission, could intervene militarily in Ukraine.
"From a fundamental standpoint, the big reason why we
bounced back so sharply was because a big piece of geopolitical
concern has been somewhat alleviated by the news of a Russia
pullback," said Adam Sarhan, chief executive of Sarhan Capital
in New York.
"So far, the markets have been holding up pretty strong,
with the bulls showing up last week and defending support
Stocks also climbed as the United States continued air
strikes against Islamic State militants in northern Iraq over
the weekend and as Israeli and Palestinian negotiators resumed
talks mediated by Egypt on Monday.
Kinder Morgan Inc shares jumped 10.8 percent to
$40.00, hitting all-time highs. The energy company said on
Sunday that it would put all its publicly traded units under one
roof in a $70 billion deal, an amount including $27 billion in
The company's other units, Kinder Morgan Partners,
Kinder Morgan Management, and El Paso Pipeline Partners
, also rallied. The JP Morgan Alerian exchange-traded
note tracking energy master limited partnerships rose
The Dow Jones industrial average was up 55.1 points,
or 0.33 percent, to 16,609.03, the S&P 500 rose 10.39
points, or 0.54 percent, to 1,941.98 and the Nasdaq Composite
added 37.75 points, or 0.86 percent, to 4,408.65.
Shares of companies developing potential treatments for the
Ebola virus rose amid growing calls to expedite research funding
and drug approvals. U.S.-listed shares of
Tekmira surged 13 percent to $23.40, Sarepta
Therapeutics gained 5.9 percent to $22.35 and
NanoViricides was up 0.5 percent to $4.30.
Also up was Priceline Group Inc, which rose 2.7
percent to $1,316.06, after the company said quarterly revenue
rose 26 percent.
Chiquita Brands International Inc climbed 31 percent
to $13.18 in its biggest one-day advance since its 2002 trading
debut. Juice maker Cutrale Group and Brazilian investment firm
Safra Group offered to buy the company.
(Editing by Nick Zieminski)