Markets Right Now: Bank gains drive stocks to new highs

AP News
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Posted: Feb 14, 2017 4:08 PM

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

4:00 p.m.

Strong gains by bank stocks pushed major U.S. indexes to more all-time highs.

Banks rallied Tuesday as bond yields rose following comments from Federal Reserve Chair Janet Yellen. Yellen said the Fed was poised to continue raising interest rates, which would help banks earn more from lending money.

It was the sixth straight gain for the benchmark Standard & Poor's 500 index.

Goldman Sachs rose 1 percent to close at its own all-time high.

The S&P 500 climbed 9 points, or 0.4 percent, to 2,337.

The Dow Jones industrial average gained 92 points, or 0.5 percent, to 20,504. The Nasdaq composite increased 18 points, or 0.3 percent, to 5,782.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.47 percent.

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11:45 a.m.

U.S. indexes are little changed in midday trading a day after setting record highs.

Bond yields climbed Tuesday after Fed Chair Janet Yellen told Congress that the Fed is still on track for more interest rate increases.

High-dividend stocks like utilities and real estate companies fell as bond yields rose.

Bank stocks gained, and Goldman Sachs was on track for a record high close. Goldman was up 1 percent at midday.

The Standard & Poor's 500 index fell 1 point to 2,327.

The Dow Jones industrial average edged up 18 points, or 0.1 percent, to 20,428. The Nasdaq composite was flat at 5,764.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.49 percent.

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9:35 a.m.

Stocks are edging mostly lower in early trading as the market comes off a record-setting run.

Real estate companies and makers of basic materials fell the most in the first few minutes of trading Tuesday. Martin Marietta Materials slumped 2.8 percent.

Dr Pepper Snapple Group fell 1.7 percent reported earnings that fell short of analysts' forecasts.

The Standard & Poor's 500 index fell 1 point to 2,327.

The Dow Jones industrial average edged up 6 points to 20,416. The Nasdaq composite lost 6 points, or 0.1 percent, to 5,756.

More stocks fell than rose on the New York Stock Exchange.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.44 percent.