Markets Right Now: Dow at another high in midday US trading

AP News
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Posted: Dec 05, 2016 11:53 AM

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

11:45 a.m.

U.S. stocks are climbing again, led by gains in banks, sending the Dow Jones industrial average to another record high.

Technology companies, which have weakened since the presidential election, recovered some of their recent losses Monday.

European stocks were mostly higher, but Italy's market fell slightly after Italian voters rejected constitutional changes, leading the country's premier to say he would resign.

The Dow was up 86 points, or 0.5 percent, to 19,257.

The Standard & Poor's 500 index climbed 15 points, or 0.7 percent, to 2,206. The Nasdaq composite increased 53 points, or 1 percent, to 5,308.

Small-company stocks on again outpaced the rest of the market. The Russell 2000 index rose 1.4 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street, setting another all-time high for the Dow Jones industrial average.

Banks rose more than the rest of the market in early trading Monday. Goldman Sachs was the biggest gainer among the 30 stocks in the Dow.

Banks were benefiting from an increase in long-term interest rates in the bond market, while bond-substitute stocks like utilities and real estate companies were lagging.

Bond prices fell, sending yields higher. The yield on the benchmark 10-year Treasury note rose to 2.43 percent.

The Dow was up 79 points, or 0.4 percent, to 19,249.

The Standard & Poor's 500 index climbed 8 points, or 0.4 percent, to 2,200. The Nasdaq composite increased 19 points, or 0.4 percent, to 5,271.