Markets Right Now: US stocks extend win streak to 4 days
Jun. 06, 2018
NEW YORK (AP) — The latest on developments in financial markets (all times local):
U.S. stocks are closing with strong gains as the market extends its winning streak to four days. Banks and raw materials companies were among the top performers.
The S&P 500 rose 23 points, or 0.9 percent, to 2,772. All sectors in the index posted gains except utilities.
Interest rates rose as bond prices in the U.S. and Europe fell. That can signal higher rates on mortgages and other consumer loans, and banks like JPMorgan Chase and Bank of America climbed.
The Dow Jones industrials jumped 346 points, or 1.4 percent, to 25,146, helped by gains in multinational companies like Boeing and McDonald's.
The Nasdaq composite rose 51 points, or 0.7 percent, to 7,689, and the Russell 2000 rose 9 points to 1,674. Both indexes again set all-time highs.
U.S. stocks are rising for the fourth day in a row Wednesday as banks rise in tandem with interest rates.
The yield on the 10-year Treasury note rose to 2.97 percent from 2.93 percent. Higher yields can signal higher rates on mortgages and other consumer loans. JPMorgan climbed 2.1 percent to $110.10 and Bank of America gained 2.4 percent to $29.81.
The S&P 500 rose 10 points to 2,759. The Dow Jones industrials gained 205 points to 25,005, thanks to higher bank stocks as well as a 2 percent gain in plane maker Boeing.
The Nasdaq composite and Russell 2000 posted modest gains, adding to the record highs set Tuesday.
Electric car maker Tesla rose 6 percent after saying it could soon meet production targets for the Model 3 sedan.
Stocks are opening slightly higher in the U.S., led by gains in big banks and energy companies.
The Dow Jones industrial average is up 94 points, or 0.4 percent, to 24,890, boosted by early gains in Exxon and Goldman Sachs. Financial stocks are rising in tandem with interest rates.
Record exports helped cut the U.S. trade deficit in April, but the deficit is still up 11.5 percent so far this year compared to a year earlier despite President Trump's vow to close the gap.
The S&P 500 was up 7 points to 2,756. The Nasdaq composite climbed 17 points, or 0.2 percent, to 7,655.
Bond prices fell. The yield on the 10-year Treasury rose to 2.95 percent.