Markets Right Now: Industrial stocks lead modest gains in US

AP News
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Posted: Jun 08, 2016 11:52 AM

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

11:45 a.m.

Stocks are mostly higher as industrial companies get a boost from the weaker dollar.

Caterpillar jumped 1.6 percent Wednesday, one of the biggest gains in the Dow Jones industrial average.

Metals prices rose, sending mining companies higher. Freeport McMoRan rose 4 percent.

The Dow Jones industrial average gained 53 points, or 0.3 percent, at 17,992. The Standard & Poor's 500 index added 4 points, or 0.2 percent, at 2,116. The Nasdaq composite index rose 9 points, or 0.2 percent, to 4,971.

Bond prices rose. The yield on the 10-Year U.S. Treasury note slipped to 1.70 percent.

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9:40 a.m.

Stocks are opening higher Wednesday as energy, machinery and chemicals companies get a boost from the weaker dollar.

U.S. oil is up 1.7 percent at $51.21 a barrel in New York. Anadarko Petroleum rose 2.5 percent and Marathon Oil added 3 percent.

VeriFone Systems, which makes terminals used for electronic payments, is down 28 percent after slashing its outlook and saying it will eliminate jobs.

The Dow Jones industrial average gained 72 points, or 0.4 percent, at 18,010. The Standard & Poor's 500 index added 7 points, or 0.3 percent, at 2,118. The Nasdaq composite index rose 12 points, or 0.3 percent, to 4,974.

Bond prices rose. The yield on the 10-Year U.S. Treasury note slipped to 1.71 percent.