Markets Right Now: US stock indexes drift higher at midday

AP News
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Posted: Jul 18, 2016 11:58 AM

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

11:45 a.m.

Stocks are edging higher in midday trading, holding at record levels, as investors looked past a failed military coup in Turkey.

Technology stocks led the way Monday after Japan's SoftBank said it was buying British chip designer ARM Holdings. ARM's U.S.-listed stock soared 42 percent.

Bank stocks rose after Bank of America turned in earnings that were better than analysts were expecting. BofA climbed 3.5 percent.

Energy companies fell along with the price of oil. Diamond Offshore dropped 3.4 percent.

The Dow Jones industrial average rose 28 points, or 0.2 percent, to 18,543.

The Standard & Poor's 500 gained 5 points, or 0.3 percent, to 2,167. The Nasdaq increased 31 points, or 0.6 percent, to 5,060.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.60 percent.

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9:35 a.m.

Stocks are drifting between small gains and losses in early trading as investors pore over the latest earnings reports.

Banks rose early Monday after Bank of America turned in earnings that were better than analysts were expecting. BofA rose 2 percent.

Energy companies fell along with the price of oil. Diamond Offshore Drilling dropped 2.8 percent.

The Dow Jones industrial average edged down 17 points, or 0.1 percent, to 18,499.

The Standard & Poor's 500 index fell a point to 2,160. The Nasdaq composite edged up a point to 5,031.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.56 percent.