Markets Right Now: Shares close higher on Wall Street

AP News
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Posted: Dec 20, 2016 4:17 PM

NEW YORK (AP) — The latest on developments in financial markets (All times local):

4:10 p.m.

Stocks set new records Tuesday as big gains by banks and travel companies propelled the Dow Jones industrial average ever closer to the symbolic 20,000 level, which remained just out of reach.

Bond yields rose taking interest rates higher. That helped financial firms. Goldman Sachs rose 1.7 percent and Regions Financial rose 2.1 percent.

Strong earnings from cruise line operator Carnival lifted its shares 2.3 percent.

Cheerios maker General Mills cut its sales projections for the year, sending its shares down 2.6 percent.

The Dow Jones industrial average gained 92 points, or 0.5 percent, to 19,974.

The Standard & Poor's 500 index rose 8 points or 0.4 percent to 2,271. The Nasdaq composite gained 27 points or 0.5 percent to 5,484.

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12:00 p.m.

Stocks are closing in on record levels Tuesday as gains for banks and travel companies lift the major indexes.

Bond yields rose, taking interest rates higher. That helped financial firms. Goldman Sachs rose 1.2 percent and Regions Financial rose 2.3 percent.

Cruise line operator Carnival gained 3.6 percent after reporting strong profit and sales.

The Dow Jones industrial average gained 63 points, or 0.3 percent, to 19,945.

The Standard & Poor's 500 index rose 5 points or 0.2 percent to 2,268. The Nasdaq composite gained 17 points or 0.3 percent to 5,474.

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9:35 a.m.

Stocks are opening higher on Wall Street Tuesday, with shares of banks and other financial firms leading the Dow Jones industrial average toward fresh highs. Oil and other energy companies are also stronger.

The yield on the 10-year Treasury climbed, helping lift financial shares.

Oil prices were also higher, lifting energy companies.

Retailer Fred's rose 56 percent after agreeing to buy 865 Rite Aid stores for $950 million. General Mills fell 3 percent after it cut its sales outlook for the rest of the year.

The Dow Jones industrial average gained 78 points, or 0.4 percent, to 19,963.

The Standard & Poor's 500 index rose 8 points or 0.3 percent to 2,270. The Nasdaq composite gained 23 points or 0.4 percent to 5,481.