Markets Right Now: US stocks edge higher in midday trading
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Major U.S. stock indexes edged mostly higher in midday trading as gains in financial companies outweighed losses elsewhere in the market.
Bond yields climbed to the highest level in four months Wednesday, sending bank shares higher and weighing on utilities and other high-dividend payers.
Energy stocks rose along with crude oil prices. Homebuilders declined following a mixed batch of housing data.
Technology companies lagged the rest of the market.
JPMorgan Chase rose 2.5 percent, and Halliburton rose 1.8 percent.
The S&P 500 index rose 6 points, or 0.2 percent, to 2,910.
The Dow Jones Industrial Average climbed 197 points, or 0.8 percent, to 26,446. The Nasdaq composite slipped 10 points, or 0.1 percent, to 7,945.
Bond prices fell. The yield on the 10-year Treasury note rose to 3.07 percent.
Stocks are opening higher on Wall Street as the market builds on a solid gain from the day before, which came despite the latest ramp-up in trade tensions between the U.S. and China.
Banks and energy companies were leading the gains Wednesday, while safe-play stocks like utilities and real estate companies lagged the market.
JPMorgan Chase rose 1 percent, and Halliburton rose 1.9 percent.
AutoNation rose 2.5 percent after announcing that its CEO was stepping down.
The S&P 500 index rose 3 points, or 0.1 percent, to 2,907.
The Dow Jones Industrial Average rose 110 points, or 0.4 percent, to 26,351. The Nasdaq composite slipped 14 points, or 0.2 percent, to 7,943.