Markets Right Now: Stocks end mixed; bond yields rise on Fed
NEW YORK (AP) — The Latest on developments in financial markets (all times local):
Stocks limped to a mixed close after the Federal Reserve left open the possibility that it would raise its benchmark interest rate next month.
Bond prices fell Wednesday, sending long-term interest rates sharply higher. That benefited banks, which could make more money on loans if rates stay higher. JPMorgan Chase jumped 4 percent and Goldman Sachs rose 3 percent.
Utilities and phone companies fell. Target plunged after reporting weak sales.
Minutes from the Federal Reserve’s last meeting suggested policymakers may raise rates if the economy continues to improve.
The Dow Jones industrial average slipped 3 points to 17,526. The Standard & Poor’s 500 rose a fraction to 2,047. The Nasdaq composite climbed 23 points, or 0.5 percent, to 4,739.
The yield on the 10-year Treasury note rose to 1.85 percent.
Stocks are moving higher in midday trading after shaking off an early loss.
Banks are rising much more than the rest of the market Wednesday as traders hope that interest rates will move higher, which would make it more profitable for banks to make loans.
JPMorgan Chase jumped 3 percent and Goldman Sachs climbed 2.5 percent, the two biggest gains in the Dow Jones industrial average.
High-dividend stocks like utilities and phone companies moved lower as bond yields climbed.
The Dow rose 32 points, or 0.2 percent, to 17,562. The Standard & Poor’s 500 index climbed 6 points, or 0.3 percent, to 2,053. The Nasdaq composite index climbed 34 points, or 0.7 percent, to 4,749.
Bond prices sharply. The yield on the 10-year Treasury note rose to 1.82 percent.
U.S. stocks are falling in morning trading. Consumer goods retailers fell the most after Target reported weak sales and gave a forecast that disappointed investors.
Target fell 8 percent early Wednesday. Home improvement retailer Lowe’s rose 3 percent after it reported strong first-quarter results that were aided by a housing boom.
Utility companies sliding as investors wonder if interest rates will rise in June.
Oil prices were little changed. Metals, especially copper, traded lower.
The Dow slipped 78 points, or 0.4 percent, to 17,451. The Standard & Poor’s 500 index fell 7 points, or 0.4 percent, to 2,040. The Nasdaq composite index lost 5 points, or 0.1 percent, to 4,710.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.80 percent.