Markets Right Now: Stocks hold on to modest gains at midday
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are holding on to modest gains after an early rally lost momentum.
Internet companies and consumer products makers were doing well Tuesday. Facebook rose 3.1 percent and Coca-Cola climbed 1 percent.
Energy companies were climbing as the price of crude oil headed for its seventh straight daily gain. Cabot Oil & Gas rose 2.7 percent.
AutoNation slumped 3.1 percent after predicting a tough year for auto sales and announcing a restructuring.
The S&P 500 index rose 5 points, or 0.2 percent, to 2,555.
The Dow Jones Industrial Average climbed 102 points, or 0.4 percent, to 23,633. It was up as much as 333 earlier.
The Nasdaq rose 12 points, or 0.2 percent, to 6,834.
Bond prices fell. The yield on the 10-year Treasury rose to 2.70 percent.
Stocks are opening broadly higher on Wall Street, building on two days of solid gains.
Traders were showing an increased appetite for risk Tuesday, sending shares of technology and industrial companies higher.
Global Payments jumped 2.5 percent and railroad operator Union Pacific soared 9.4 percent after naming a new chief operating officer.
PG&E plunged another 13 percent after the S&P ratings agency cut the California utility’s debt rating to junk.
The S&P 500 index rose 26 points, or 1.1 percent, to 2,577.
The Dow Jones Industrial Average climbed 283 points, or 1.2 percent, to 23,818. The Nasdaq rose 80 points, or 1.2 percent, to 6,906.
Bond prices fell. The yield on the 10-year Treasury rose to 2.71 percent.