Markets Right Now: US stocks open 2017 with solid gains

AP News
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Posted: Jan 03, 2017 4:08 PM

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

4:00 p.m.

The stock market turned in a solid gain on the first trading day of 2017, led by health care and phone companies.

Drugmaker Endo International jumped 6.1 percent, one of the biggest gains in the Standard & Poor's 500 index. Verizon rose 2.2 percent.

The Dow Jones industrial average climbed 119 points, or 0.6 percent, to 19,881. It was up 175 points earlier.

The S&P 500 climbed 19 points, or 0.8 percent, to 2,257. The Nasdaq composite increased 45 points, or 0.9 percent, to 5,429.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.45 percent.

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11:45 a.m.

An early gain for stocks on the first trading day of 2017 was mostly gone by midday.

Phone companies remained higher Tuesday, but utilities and real estate stocks fell as interest rates climbed.

Verizon rose 2 percent, the biggest gain in the Dow Jones industrial average.

The Dow gained 46 points, or 0.2 percent, to 19,807. It was up 175 points earlier.

The Standard & Poor's 500 index climbed 10 points, or 0.5 percent, to 2,249. The Nasdaq composite increased 24 points, or 0.5 percent, to 5,407.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.47 percent.

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9:35 a.m.

The stock market opened the year on a strong note, led by big gains in banks and energy companies.

Major U.S. indexes were broadly higher in the first few minutes of trading Tuesday as markets reopened after the New Year's Day holiday.

Marathon Petroleum rose 6 percent and oil rig operator Transocean climbed 4 percent in the first few minutes of trading.

The price of crude oil rose 2 percent to $55 a barrel.

The Dow Jones industrial average rose 162 points, or 0.8 percent, to 19,918.

The Standard & Poor's 500 index gained 16 points, or 0.7 percent, to 2,254. The Nasdaq composite increased 38 points, or 0.7 percent, to 5,421.