Markets Right Now: Stocks closing slightly higher Wednesday
NEW YORK (AP) — The latest on developments in financial markets (All times local):
U.S. stock indexes are finishing with small gains Wednesday as video game makers gave technology companies a boost and household goods companies also rose.
“Grand Theft Auto” maker Take-Two Interactive jumped 10.6 percent after it announced strong sales. Activision Blizzard rose 5.9 percent after it said the new “Call of Duty” game is selling well.
Energy companies slipped, and a recent decline in interest rates continued to weigh on banks. Bank of America fell 1.4 percent.
The Standard & Poor’s 500 index rose 3 points, or 0.1 percent to 2,594.
The Dow Jones industrial average rose 6 points, or less than 0.1 percent, to 23,563. The Nasdaq composite rose 21 points, or 0.3 percent, to 6,789.
Stocks are inching lower as falling interest rates continue to put pressure on banks and energy companies also take small losses.
Bank of America fell 2.1 percent and Citigroup fell 0.6 percent Wednesday as interest rates continued to retreat from their recent highs, which reduces the profits banks make from lending.
Consumer products companies climbed. Colgate-Palmolive gained 3.1 percent and Church & Dwight picked up 2.2 percent.
Video game companies are rising after strong results from publisher Take-Two Interactive, which jumped 11.5 percent.
The Standard & Poor’s 500 index fell 1 point, or 0.1 percent to 2,589.
The Dow Jones industrial average lost 13 points, or 0.1 percent, to 23,543. The Nasdaq composite was nearly unchanged at 6,767.
Stocks are opening slightly lower as banks continue to slide in tandem with interest rates.
Bank of America fell 1.5 percent on Wednesday and Citigroup fell 1 percent as interest rates continued to retreat from their recent highs, which reduces the profits banks make from lending.
Social media site Snap sank 10 percent after it reported weak user growth and a big loss in its latest quarter.
The Standard & Poor’s 500 index fell 3 points, or 0.2 percent to 2,586.
The Dow Jones industrial average lost 27 points, or 0.1 percent, to 23,530. The Nasdaq composite declined 4 points to 6,763.