Markets Right Now: Pound gives up early 'Brexit' gains

NEW YORK (AP) - The latest on developments in global financial markets (all times local):

7:45 p.m.

The British pound is getting whipsawed by volatile trading as initial results from the vote on whether the U.K. should remain in the European Union showed the race was too close to call.

The currency surged shortly after the polls closed Thursday, climbing to a 2016 peak of $1.50 after a leading proponent of the "leave" vote indicated he though his side was headed for a loss. But the pound sold off after counts from cities including Newcastle and Sunderland showed the result was far from certain.

The pound was trading at about $1.453.

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5:45 p.m.

Reports that the 'remain' vote appears headed to victory in the U.K.'s EU referendum are sending the British pound surging against the U.S. dollar.

The pound was up about 1 percent at $1.50. It stood at about $1.48, which had been its highest level of the year, before the polls closed.

Shortly after the voting ended, a leading supporter of the campaign to leave the European Union said it looked like his side has lost. U.K. Independence Party leader Nigel Farage told Sky news "it looks like 'remain' will edge it" in the referendum on whether to stay in the 28-nation bloc.

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4:00 p.m.

Stocks are closing solidly higher on Wall Street, giving the market its biggest gain in a month, as hopes grow that Britons will vote to remain in the European Union.

European markets and the British pound also rose Thursday as Britons went to the polls. U.S. government bond prices fell, sending yields higher. Gold fell.

Banks posted big gains. Citigroup rose 4 percent and Bank of America climbed 3 percent.

The Dow Jones industrial average rose 230 points, or 1.3 percent, to 18,011.

It was the Dow's first close above 18,000 in two weeks.

The Standard & Poor's 500 index gained 27 points, or 1.3 percent, to 2,113. The Nasdaq composite climbed 76 points, or 1.6 percent, to 4,910.

The yield on the 10-year Treasury note rose to 1.74 percent.

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11:45 a.m.

Stocks are solidly higher on Wall Street as hopes grow that Britons will vote to remain in the European Union.

European markets and the British pound also rose Thursday as Britons went to the polls. U.S. government bond prices fell, sending yields higher.

Banks posted big gains. Citigroup rose 3 percent and Bank of America climbed 2.5 percent.

The Dow Jones industrial average rose 172 points, or 1 percent, to 17,954. The Standard & Poor's 500 index gained 20 points, or 1 percent, to 2,105. The Nasdaq composite climbed 54 points, or 1.2 percent, to 4,888.

The yield on the 10-year Treasury note rose to 1.73 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street as hopes grow that Britons will vote to remain in the European Union.

European markets and the British pound were also higher Thursday as Britons went to the polls. Safe-play assets like U.S. government bonds, utility stocks and gold fell.

The Dow Jones industrial average rose 155 points, or 0.9 percent, to 17,937. The Standard & Poor's 500 index gained 16 points, or 0.8 percent, to 2,101. The Nasdaq composite climbed 35 points, or 0.7 percent, to 4,868.

Oil prices rose, sending energy stocks higher.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.73 percent.