Markets Right Now: Banks lead early gains on Wall Street

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

9:35 a.m.

Banks are leading stocks higher in early trading on Wall Street as bond yields rise above their recent lows.

Citigroup rose 1 percent in early trading Thursday. Higher bond yields are good for banks because they can earn more income from the bonds they hold and they can charge higher interest rates on loans.

Watch maker Movado jumped 14 percent after reporting strong earnings last quarter, and Calvin Klein parent company PVH soared 15 percent after turning in solid results of its own.

The Dow Jones Industrial Average rose 59 points, or 0.2 percent, to 25,682. The S&P 500 index rose 3 points, or 0.1 percent, to 2,821.

The Nasdaq edged up 7 points, or 0.1 percent, to 7,698.

Bond prices fell, sending yields higher. The yield on the benchmark 10-year Treasury note fell to 2.39 percent.

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