Markets Right Now: Stocks move solidly higher; Dow up 300

AP News
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Posted: Feb 07, 2018 11:59 AM
Markets Right Now: Stocks move solidly higher; Dow up 300

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

11:45 a.m.

Stocks are moving solidly higher in midday trading on Wall Street as markets stabilize following three days of turmoil.

Banks, retailers and industrial companies also posted gains Wednesday, helping indexes claw back more of the ground they lost in steep drops Friday and Monday. Boeing added 3 percent and JPMorgan Chase rose 1.4 percent.

The gains were broad. Two stocks rose for every one that fell on the New York Stock Exchange.

Wynn Resorts jumped 8.6 percent after Steve Wynn said he would resign as CEO following allegations of sexual misconduct.

The Standard & Poor's 500 rose 20 points, or 0.8 percent, to 2,715.

The Dow Jones industrial average rose 317 points, or 1.3 percent, to 25,230. The Nasdaq climbed 21 points, or 0.3 percent, to 7,137.

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9:35 a.m.

Stocks are opening modestly higher on Wall Street as the market stabilizes following three days of tumult.

Consumer-focused companies rose the most in early trading Wednesday. Disney rose 1.5 percent and Amazon rose 1 percent.

Technology companies fell. Microsoft gave up 1.2 percent.

Chipotle Mexican Grill slumped 8.8 percent after saying it expects customer traffic to continue to decline.

Wynn Resorts jumped 6.8 percent after Steve Wynn said he would resign as CEO following allegations of sexual misconduct.

The Standard & Poor's 500 rose 4 points, or 0.2 percent, to 2,701.

The Dow Jones industrial average rose 102 points, or 0.4 percent, to 25,007. The Nasdaq edged down 5 points, or 0.1 percent, to 7,110.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.78 percent.