Markets Right Now: Solid earnings send stocks higher

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

11:45 a.m.

Stocks are moving steadily higher as General Motors and other big-name companies report solid earnings.

GM rose 3.1% Thursday after its profits came in far better than analysts were expecting. The automaker said higher prices for pickup trucks and SUVs helped overcome slowing sales.

The gains came a day after markets were spooked by comments from Federal Reserve Chairman Jerome Powell indicating the Fed was not embarking on a long cycle of lower interest rates.

The S&P 500 rose 30 points, or 1%, to 3,010.

The Dow Jones Industrial Average rose 275 points, or 1%, to 27,137. The Nasdaq climbed 123 points, or 1.5%, to 8,298.

Bond prices rose. The yield on the benchmark 10-year Treasury fell to 1.96%, the first time it’s been below 2% since July 3.

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9:35 a.m.

Stocks are edging higher in early trading as investors are reassured by solid earnings reports from several big-name companies.

General Motors added 2% early Thursday after reporting earnings that were far higher than analysts were expecting. The automaker said higher prices for pickup trucks and SUVs helped overcome slowing sales.

The early gains came a day after markets were spooked by comments from Federal Reserve Chairman Jerome Powell indicating the Fed was not embarking on a long cycle of lower interest rates.

The S&P 500 index rose 7 points, or 0.2%, to 2,987.

The Dow Jones Industrial Average rose 50 points, or 0.2%, to 26,915. The Nasdaq rose 53 points, or 0.6%, to 8,227.

Bond prices rose. The yield on the 10-year Treasury fell to just under 2%.

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