Markets Right Now: US stocks move broadly higher

AP News
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Posted: Jun 07, 2016 11:55 AM

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

11:45 a.m.

U.S. stocks are continuing to rise as the price of oil inches higher.

Energy companies are gaining the most in midday trading on Wall Street Tuesday. Chevron jumped 2.4 percent, the biggest gain in the Dow Jones industrial average.

A drop in bond yields is sending phone companies higher as investors seeking income shift money into those stocks. Verizon rose 1.9 percent.

Several drug companies are tumbling following disappointing results from clinical studies.

The Dow rose 70 points, or 0.4 percent, to 17,991. The Standard & Poor's 500 climbed 7 points, or 0.4 percent, to 2,117. The Nasdaq composite edged up 2 points to 4,971.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.71 percent.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street, led by gains in energy and industrial companies.

Exxon Mobil and Caterpillar each rose 1 percent in the first few minutes of trading Tuesday.

FedEx rose 1 percent after raising its dividend and United Natural Foods soared 11 percent after reporting earnings that were far better than analysts were expecting.

The Dow Jones industrial average rose 74 points, or 0.4 percent, to 17,996. The Standard & Poor's 500 climbed 4 points, or 0.2 percent, to 2,113. The Nasdaq composite edged up a point to 4,970.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.71 percent.