Markets Right Now: Gains in bank stocks lead market higher

AP News
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Posted: Nov 17, 2016 4:07 PM

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

4:00 p.m.

Another solid increase in bank stocks pushed major market indexes higher on Wall Street.

Banks, which had lagged the rest of the market heading into last week's presidential election, have been on a tear since then. Last week they had their biggest gain since 2009.

Investors are hoping that higher interest rates, stronger economic growth and lighter regulation under President-elect Donald Trump will help banks make more money. PNC Financial Services rose 2.9 percent Thursday.

Best Buy surged 14 percent after reporting greater sales of mobile phones and increased online sales.

The Dow Jones industrial average rose 35 points, or 0.2 percent, to 18,903.

The Standard & Poor's 500 index climbed 10 points, or 0.5 percent, to 2,187. The Nasdaq composite increased 39 points, or 0.7 percent, to 5,333.

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11:45 a.m.

More gains in the financial sector are leading the stock market higher in midday trading on Wall Street.

Banks have had by far the biggest gains in the stock market since the presidential election last week. Last week the sector had its biggest gain since 2009.

Investors are hoping that higher interest rates, stronger economic growth and lighter regulation under President-elect Donald Trump will help banks make more money.

Best Buy soared 11 percent after it reported greater sales of mobile phones and increased online sales and gave a strong forecast.

The Dow Jones industrial average edged up 12 points, or 0.1 percent, to 18,882.

The Standard & Poor's 500 index climbed 9 points, or 0.4 percent, to 2,185. The Nasdaq composite increased 31 points, or 0.6 percent, to 5,326.

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9:35 a.m.

U.S. stocks are edging mostly higher in early trading, led by energy companies as the price of crude oil rises.

Chevron rose 1 percent early Thursday, the biggest gain in the Dow Jones industrial average.

In earnings news, Best Buy rose 6 percent after it reported greater sales of mobile phones and increased online sales and gave a strong forecast.

Wal-Mart fell 4 percent after it reported disappointing sales in the third quarter.

Western Refining surged 24 percent after competitor Tesoro agreed to buy the company for $4.1 billion.

The Dow Jones industrial average edged up 12 points, or 0.1 percent, to 18,882.

The Standard & Poor's 500 index climbed 4 points, or 0.2 percent, to 2,181. The Nasdaq composite increased 7 points, or 0.1 percent, to 5,301.