Markets Right Now: US stocks post 4th weekly gain in a row

AP News
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Posted: Jul 22, 2016 4:10 PM

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

4:00 p.m.

Stocks are closing higher, giving the market its fourth straight weekly gain.

The gains Friday were led by phone companies and utilities, traditional safe-play stocks that have done far better than the rest of the market over the past year.

Those high-dividend stocks have been appealing to investors hungry for income, particularly with the yields on U.S. government bonds near historic lows of well under 2 percent.

AT&T rose 1.4 percent and Exelon rose 2.6 percent.

The Standard & Poor's 500 index rose 9 points, or 0.5 percent, to 2,175.

The Dow Jones industrial average gained 53 points, or 0.3 percent, to 18,570. The Nasdaq composite increased 26 points, or 0.5 percent, to 5,100.

Bond prices barely budged. The yield on the 10-year Treasury note held steady at 1.56 percent.

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11:45 a.m.

Stocks are edging higher in midday trading on Wall Street as investors pick over the latest batch of corporate earnings reports.

Stanley Black & Decker gained 5 percent Friday after reporting results that were better than analysts were expecting. American Airlines rose 3 percent after its own earnings beat forecasts.

Honeywell fell after cutting its sales forecast.

The Standard & Poor's 500 index rose 5 points, or 0.3 percent, to 2,171.

The Dow Jones industrial average gained 24 points, or 0.1 percent, to 18,542. The Nasdaq composite increased 25 points, or 0.5 percent, to 5,098.

Bond prices didn't move much. The yield on the 10-year Treasury note held steady at 1.56 percent.

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9:35 am.

Stocks are edging lower in early trading on Wall Street after several companies delivered disappointing results for the second quarter.

Honeywell fell 5 percent early Friday and General Electric lost 2 percent.

Boeing dropped 2 percent after the aircraft maker said late Thursday it would take charges totaling more than $2 billion as it reduces the value of its 787 and 747-8 programs.

The Standard & Poor's 500 index lost 1 point to 2,164.

The Dow Jones industrial average slipped 8 points, less than 0.1 percent, to 18,507. The Nasdaq composite declined 6 points, or 0.1 percent, to 5,068.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.59 percent.