Stocks Step Up Moderately; Mylan Reverses Despite EpiPen News

U.S. stocks advanced moderately in late morning trade Monday as volume picked up.

The Nasdaq added 0.3%, the S&P 500 rose 0.5%, and the blue chip Dow Jones industrial average was ahead by 0.6%. Volume was running higher in the stock market today, although early volume figures can often change.

EpiPen maker Mylan (MYL) initially rose about 3%, but reversed to trade modestly lower. The Netherlands-based company has attracted bad publicity because of price increases that have boosted a two-pack of the EpiPen device to a $600 list price. On Monday, the company announced that it would offer a generic version of its allergic-treatment product at half the current price.

The flap has brought negative publicity to Mylan and more awareness of EpiPen's cheaper rivals. AdrenaClick, for example, offers a less expensive product, and some doctors have pointed out that a syringe and bottle of the non-patent epinephrine can be bought for about $10. EpiPen's patents are related to its delivery device.

Meanwhile, blue chip stocks were mostly higher. On the Dow, financial stocks JPMorgan Chase (JPM) and Goldman Sachs (GS) rose about 1%.

Talk of an interest rate hike has been lifting bank stocks. Citizens Financial (CFG) advanced 2% in fast trade Monday, adding to Friday's breakout gain of 2%. Volume was routine Friday, but heavy in early trade Monday. U.S. Bancorp (USB), a super regional, gained 1.5% in brisk trade.

In the IBD 50, a list of top stocks via fundamentals and technicals, LGI Homes (LGIH) rolled 5% higher to a fresh high. Dave & Buster's Entertainment (PLAY) gained 3.5%.