NEW YORK (AP) — U.S. stocks are rising at the start of a week with shortened trading because of the Thanksgiving holiday. The S&P 500 climbed 0.7% early Monday and added to its jump from Friday. The Dow Jones Industrial Average rose 138 points, and the Nasdaq composite climbed 1.1%. Stocks rose as hopes built that the Federal Reserve will cut its main interest rate again at its next meeting in December. U.S.-listed shares of Danish drug maker Novo Nordisk sank after it reported that its Alzheimer’s drug failed to slow progression of the disease in a trial. U.S. markets will be closed Thursday for Thanksgiving.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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