Markets Right Now: Banks lead US stock indexes higher

AP News
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Posted: Mar 30, 2017 4:05 PM

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

4:00 p.m.

Banks led U.S. stocks indexes modestly higher on Wall Street.

Bank of America jumped 2.2 percent. Banks were rising along with bond yields, which can result in higher interest rates on loans and bigger profits for banks from lending money.

Energy companies also gained along with the price of crude oil. Exxon Mobil rose 2 percent.

The Nasdaq composite closed at another all-time high.

The Standard & Poor's 500 index rose 6 points, or 0.3 percent, to 2,368.

The Dow Jones industrial average climbed 69 points, or 0.3 percent, to 20,728. The Nasdaq composite gained 16 points, or 0.3 percent, to 5,914.

Small-company stocks rose far more than the rest of the market.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.42 percent.

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11:45 a.m.

U.S. stock indexes edged higher in midday trading as investors weighed the latest batch of company earnings, deal news and economic data.

Financial stocks led the gainers Thursday. Bank of America rose 1.6 percent.

Energy companies also rose, getting a boost from rising crude oil prices. Southwestern Energy rose 2.1 percent.

Real estate companies and other high-dividend stocks fell as bond yields headed higher.

Lululemon plunged 23 percent after releasing a weak forecast.

The Standard & Poor's 500 index rose 6 points, or 0.3 percent, to 2,367.

The Dow Jones industrial average climbed 61 points, or 0.3 percent, to 20,720. The Nasdaq composite gained 7 points, or 0.1 percent, to 5,905.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.41 percent.

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9:35 a.m.

Stocks are wavering between small gains and losses in early trading on Wall Street, while the price of crude oil moved higher.

Energy stocks gained early Thursday. Murphy Oil rose 1.7 percent.

High-end athletic apparel maker Lululemon plunged 21 percent after releasing a very weak forecast for the quarter.

The Standard & Poor's 500 index slipped a point to 2,359.

The Dow Jones industrial average fell 8 points to 20,646. The Nasdaq composite fell 2 points to 5,894.

More stocks rose than fell on the New York Stock Exchange.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.40 percent.