Markets Right Now: Banks lead US stocks higher on rate hopes
NEW YORK (AP) - The latest on developments in global financial markets (all times local):
4:05 p.m.
Stocks are closing up on Wall Street Monday, tacking higher after a three-day drop as the financial sector benefited from hopes of higher interest rates.
Wells Fargo, the nation's largest mortgage lender, rose 2.2 percent Monday while JPMorgan Chase rose 1 percent and Bank of America gained 0.3 percent.
Federal Reserve Chair Janet Yellen said in a speech last week that the case for raising rates above their historic lows was strengthening.
Fertilizer company CF Industries gained 4.2 percent after Barron's said it could move higher.
The Dow Jones industrial average rose 107 points, or 0.6 percent, to 18,503.
The Standard & Poor's 500 index climbed 11 points, or 0.5 percent, to 2,180. The Nasdaq composite gained 13 points, or 0.3 percent, to 5,232.
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11:45 a.m.
Banks are leading stocks higher at midday as investors hope for higher interest rates.
Wells Fargo, the nation's largest mortgage lender, rose 2 percent Monday while JPMorgan Chase and Bank of America each gained 1 percent.
Investors are hoping banks will be able to raise interest rates on loans before too long. Federal Reserve Chair Janet Yellen said in a speech last week that the case for raising rates above their historic lows was strengthening.
Herbalife rose 2 percent after investor Carl Icahn said he has increased his stake in the company.
The Dow Jones industrial average rose 120 points, or 0.7 percent, to 18,515.
The Standard & Poor's 500 index climbed 12 points, or 0.6 percent, to 2,181. The Nasdaq composite gained 20 points, or 0.4 percent, to 5,239.
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9:35 a.m.
Stocks are opening moderately higher on Wall Street as the market comes off three days of losses.
Utilities and materials companies rose the most in early trading Monday.
Herbalife rose 3 percent after the activist investor Carl Icahn, the company's largest shareholder, said late Friday that he has increased his stake.
Energy companies were the one weak spot as the price of oil turned lower.
The Dow Jones industrial average rose 76 points, or 0.4 percent, to 18,472.
The Standard & Poor's 500 index climbed 8 points, or 0.4 percent, to 2,177. The Nasdaq edged up 12 points, or 0.2 percent, to 5,231.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.60 percent.