Markets Right Now: Bank stocks lead a rebound on Wall Street

AP News
|
Posted: Sep 30, 2016 11:50 AM

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

11:45 a.m.

Stocks are moving higher on Wall Street as the market bounces back from a steep loss the day before.

Banks rose the most in midday trading Friday as worries eased over the outlook for Deutsche Bank, Germany's biggest lender. Deutsche Bank's U.S.-listed shares jumped 13 percent, and major U.S. banks also rose. JPMorgan Chase was up 1.6 percent.

Consumer stocks also did well following a strong earnings report from Costco, which jumped 4 percent.

The Dow Jones industrial average rose 169 points, or 0.9 percent, to 18,313.

The Standard & Poor's 500 index gained 17 points, or 0.8 percent, to 2,168. The Nasdaq composite climbed 42 points, or 0.8 percent, to 5,311.

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

___

9:35 a.m.

Stocks are opening higher on Wall Street as the market bounces back from a steep loss the day before.

Consumer stocks led the gains in early trading Friday, the last day of the third quarter. Procter & Gamble rose 1.4 percent, the biggest gain in the Dow Jones industrial average.

Banks were also doing well a day after slumping over new worries about Deutsche Bank, Germany's biggest lender. JPMorgan Chase was up 1 percent.

The Dow rose 112 points, or 0.6 percent, to 18,255.

The Standard & Poor's 500 index gained 10 points, or 0.5 percent, to 2,161. The Nasdaq composite climbed 20 points, or 0.4 percent, to 5,289.

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