Markets Right Now: Stocks move solidly higher on Wall Street

AP News
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Posted: May 24, 2016 11:53 AM

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

11:45 a.m.

Stocks are moving solidly higher on Wall Street, led by gains in technology stocks and banks.

Microsoft climbed 3 percent in midday trading Tuesday and Google parent Alphabet added 2 percent.

Among banks, JMorgan Chase gained almost 2 percent. A move higher in long-term interest rates had investors hoping that banks could make more money from loans.

In earnings news, homebuilder Toll Brothers jumped 8 percent after its results came in ahead of what analysts were expecting.

The Dow Jones industrial average rose 200 points, or 1.2 percent, to 17,694. The Standard & Poor's 500 index rose 25 points, or 1.3 percent, to 2,073. The Nasdaq composite climbed 80 points, or 1.7 percent, to 4,846.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.87 percent.

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9:35 a.m.

Stocks are opening solidly higher on Wall Street, led by gains in technology stocks and banks.

Apple and Microsoft each rose about 1 percent in early trading Tuesday. Among banks, JMorgan Chase gained 1 percent.

In earnings news, homebuilder Toll Brothers jumped 4 percent after its results came in ahead of what analysts were expecting.

The Dow Jones industrial average rose 151 points, or 0.9 percent, to 17,644. The Standard & Poor's 500 index rose 15 points, or 0.8 percent, to 2,063. The Nasdaq composite climbed 39 points, or 0.8 percent, to 4,805.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.86 percent.