Markets Right Now: US stock indexes extend record highs

AP News
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Posted: Dec 13, 2016 11:58 AM

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

11:45 a.m.

Major U.S. stock indexes are reaching record highs as big-name technology companies like Apple trade higher.

Retailers including Amazon and Nike also rose in midday trading Tuesday.

The Federal Reserve began its last policy meeting of the year, and it's widely expected to announce an increase in interest rates on Wednesday.

In Europe, Italian stocks rose sharply after that country's largest bank, UniCredit, said it would sell off a big portfolio of soured loans, raise new money and cut thousands of jobs.

The Dow Jones industrial average gained 86 points, or 0.4 percent, to 19,883. The Standard & Poor's 500 index rose 12 points, or 0.6 percent, to 2,269 and the Nasdaq composite climbed 64 points, or 1.2 percent, to 5,476.

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9:35 a.m.

Stocks are opening slightly higher on Wall Street, led by gains in safe-play stocks like phone companies and utilities.

Technology stocks were also higher in the first few minutes of trading Tuesday, and energy companies also rose.

The early gains kept the Dow Jones industrial average and the Standard & Poor's 500 index at record highs. The Nasdaq composite was just a few points below its own all-time high.

Boeing rose the most of the 30 stocks in the Dow after the company announced a dividend increase and an expansion of its stock buyback program late Monday.

The Dow was up 83 points, or 0.4 percent, to 19,883. The S&P 500 rose 11 points, or 0.5 percent, to 2,268 and the Nasdaq gained 36 points, or 0.7 percent, to 5,449.