Markets Right Now: US indexes struggle to a mixed close

AP News
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Posted: Nov 14, 2016 4:10 PM

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

4:00 p.m.

U.S. indexes are closing little changed on Wall Street as big gains in bank stocks are balanced out by losses in technology companies.

Banks continued to benefit from rising interest rates in the bond market Monday, which will make it more profitable for them to lend money. JPMorgan Chase rose 3.7 percent.

Bond yields continued to rise sharply as investors anticipated that the spending plans of President-elect Donald Trump could lead to higher inflation.

The yield on the benchmark 10-year Treasury note rose to 2.24 percent, its highest since January.

The Dow Jones industrial average edged up 21 points, or 0.1 percent, to 18,868.

The Standard & Poor's 500 index fell a fraction to 2,164. The Nasdaq composite fell 18 points, or 0.4 percent, to 5,218.

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11:45 a.m.

U.S. stocks are edging mostly lower in midday trading as technology companies like Apple and Microsoft take big losses.

That's canceling out huge gains for banks Monday, which are rising as bond yields climb to their highest levels since January.

Apple fell 2.7 percent, one of the biggest losses in the Dow Jones industrial average. JPMorgan Chase rose the most in the Dow, 3.5 percent.

Bond yields continued to rise sharply as investors anticipated that the spending plans of President-elect Donald Trump could lead to higher inflation and more government borrowing.

The Standard & Poor's 500 index fell 2 points, or 0.1 percent, to 2,162.

The Dow edged up 24 points, or 0.1 percent, to 18,879. The Nasdaq composite fell 17 points, or 0.3 percent, to 5,219.

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9:35 a.m.

Stocks are opening modestly higher on Wall Street, led by gains in banks as interest rates continue to rise.

Investors were also encouraged by news of several more corporate deals early Monday.

Harman International, which makes audio, safety and entertainment systems for cars, soared 25 percent after agreeing to be acquired by Samsung Electronics.

Bond yields continued to rise sharply as investors anticipated that the spending plans of President-elect Donald Trump could lead to higher inflation.

The Dow Jones industrial average gained 60 points, or 0.3 percent, to 18,907. Caterpillar and Goldman Sachs rose the most in the Dow.

The Standard & Poor's 500 index rose 2 points, or 0.1 percent, to 2,167. The Nasdaq composite was little changed at 5,235.