Markets Right Now: Banks, technology lead gains for stocks

AP News
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Posted: Oct 20, 2017 4:05 PM

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

4 p.m.

Stocks are closing higher on Wall Street, continuing a record-setting drive for major indexes.

Banks and technology companies posted some of the biggest gains Friday.

Synchrony Financial jumped 4.2 percent Friday and Citizens Financial rose 2.4 percent. Both reported higher earnings than analysts had been expecting.

PayPal rose 5.5 percent after reporting a strong quarter.

The Standard & Poor's 500 index rose 13 points, or 0.5 percent, to 2,575.

The Dow Jones industrial average gained 165 points, or 0.7 percent, to 23,328. The Nasdaq composite climbed 24 points, or 0.4 percent, to 6,629.

The S&P 500 and the Dow closed out their sixth straight week of gains.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.38 percent.

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11:45 a.m.

Stocks are moving higher in midday trading on Wall Street, led by gains in technology companies and banks.

Synchrony Financial jumped 4.4 percent Friday and Citizens Financial rose 1.1 percent. Both reported higher earnings than analysts had been expecting.

A jump in bond yields was also helping send bank stocks higher. Higher bond yields mean banks can charge higher interest rates on loans such as mortgages.

General Electric fell 1.6 percent after slashing its earnings forecast.

The Standard & Poor's 500 index rose 8 points, or 0.3 percent, to 2,570.

The Dow Jones industrial average gained 105 points, or 0.4 percent, to 23,267. The Nasdaq climbed 26 points, or 0.4 percent, to 6,631.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street, led by gains in technology companies and banks.

Synchrony Financial jumped 5.4 percent early Friday and Citizens Financial rose 2.7 percent. Both reported higher earnings than analysts had been expecting.

A jump in bond yields was also helping send bank stocks higher. Higher bond yields mean banks can charge higher interest rates on loans such as mortgages.

General Electric fell 2 percent after slashing its earnings forecasts and reporting a weak quarter.

The Standard & Poor's 500 index rose 6 points, or 0.3 percent, to 2,568.

The Dow Jones industrial average gained 43 points, or 0.1 percent, to 23,206. The Nasdaq climbed 24 points, or 0.4 percent, to 6,629.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.38 percent.