Markets Right Now: Banks lead a broad rally; US dollar soars

AP News
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Posted: Dec 15, 2016 4:07 PM

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

4:00 p.m.

A surge in banks and other financial stocks that stand to benefit from higher interest rates led U.S. indexes higher.

The dollar climbed to its strongest level in 14 years Thursday.

The price of gold sank on expectations that the Federal Reserve will raise interest rates several more times next year.

Yahoo dropped 6 percent after disclosing another massive data breach.

Mondelez International, whose brands include Oreos and Nabisco, rose 4 percent following reports that Kraft Heinz might buy it.

The Dow Jones industrial average gained 59 points, or 0.3 percent, to 19,852. It came within 50 points of crossing 20,000 earlier.

The Standard & Poor's 500 index rose 8 points, or 0.4 percent, to 2,262. The Nasdaq composite added 20 points, or 0.4 percent, to 5,456.

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11:45 a.m.

A surge in banks and other financial stocks that stand to benefit from higher interest rates led U.S. indexes higher.

The dollar climbed to its strongest level in more than a decade against other currencies Thursday.

The price of gold sank on expectations that the Federal Reserve will follow up Wednesday's rate increase with several more next year.

Yahoo sank 5 percent after disclosing another massive digital breach.

Food maker Mondelez International, whose brands include Oreos and Nabisco, was up 6 percent following reports that Kraft Heinz might buy it.

The Dow Jones industrial average gained 137 points, or 0.7 percent, to 19,929. The Standard & Poor's 500 index rose 14 points, or 0.7 percent, to 2,268. The Nasdaq composite added 37 points, or 0.7 percent, to 5,474.

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9:35 a.m.

Stocks are opening moderately higher on Wall Street and the dollar is making more gains against other currencies a day after the Federal Reserve raised its benchmark interest rate.

Banks and drugmakers were among the early winners Thursday. Eli Lilly jumped 5 percent after releasing forecasts that were stronger than analysts were expecting.

Food maker Mondelez International, whose brands include Oreos and Nabisco, was up 4 percent following reports that Kraft Heinz might buy it.

The dollar was at its highest level since late 2002 as measured by the ICE dollar index.

The Dow Jones industrial average gained 41 points, or 0.2 percent, to 19,828. The Standard & Poor's 500 index rose 3 points, or 0.1 percent, to 2,256. The Nasdaq composite added 11 points, or 0.2 percent, to 5,447.