Markets Right Now: Consumer confidence gain sends stocks up

AP News
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Posted: Mar 28, 2017 4:07 PM

The latest on developments in financial markets (All times local):

4:00 p.m.

A rally in bank stocks led U.S. indexes broadly higher on Wall Street, breaking an eight-day losing streak for the Dow Jones industrial average.

Investors were encouraged Tuesday by a survey that showed consumer confidence had climbed to the highest level in more than 16 years.

Apple rose 2 percent and Goldman Sachs gained 1.7 percent, the biggest gains in the Dow.

Darden Restaurants, which owns Olive Garden, gained 9 percent after reporting strong earnings and an acquisition.

The Standard & Poor's 500 index climbed 17 points, or 0.7 percent, to 2,358.

The Dow jumped 150 points, or 0.7 percent, to 20,701. The Nasdaq composite increased 34 points, or 0.6 percent, to 5,875.

Three stocks rose for every one that fell on the New York Stock Exchange.

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11:45 a.m.

Stocks are posting solid gains after a report showed consumer confidence climbed to its highest level in more than 16 years.

The report Tuesday from the Conference Board put investors in a buying mood. The gains were broad and seemed poised to end an 8-day losing streak for the Dow Jones industrial average.

Darden Restaurants, owner of Olive Garden, gained 8 percent after reporting strong earnings and an acquisition. Software company Red Hat rose 5.5 percent after reporting results that beat analysts' expectations.

The Standard & Poor's 500 index climbed 12 points, or 0.5 percent, to 2,353.

The Dow Jones industrial average rose 96 points, or 0.5 percent, to 20,648. The Nasdaq composite increased 19 points, or 0.3 percent, to 5,859.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street, while energy companies rose along with the price of crude oil.

Newfield Exploration rose 1.3 percent in the first few minutes of trading Tuesday.

Industrial companies were lower. Northrop Grumman fell 0.5 percent.

Darden Restaurants, owner of Olive Garden, gained 6 percent and software company Red Hat rose 5 percent after reporting results that beat analysts' expectations.

The Standard & Poor's 500 index edged up 1 point to 2,342.

The Dow Jones industrial average was little changed at 20,548. The Nasdaq composite rose 5 points, or 0.1 percent, to 5,845.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent.