Markets Right Now: US stocks move higher, pound stabilizes
NEW YORK (AP) - The latest on developments in global financial markets (all times local):
4:00 p.m.
Stocks closed solidly higher on Wall Street following even bigger gains in Europe as global markets stabilize following a two-day rout triggered by Britain's vote to leave the European Union.
Energy stocks rose along with the price of crude oil Tuesday. Bank stocks, which had some of the biggest losses since the vote, also rose.
Exxon Mobil rose 2.3 percent and JPMorgan Chase gained 3.3 percent.
The Dow Jones industrial average rose 269 points, or 1.6 percent, to 17,409.
The Standard & Poor's 500 index gained 35 points, or 1.8 percent, to 2,036. The Nasdaq composite climbed 97 points, or 2.1 percent, to 4,691.
The British pound recovered somewhat but remained near the 30-year lows it plunged to immediately following the British "leave" vote.
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11:45 a.m.
Stocks are solidly higher on Wall Street following even bigger gains in Europe as global markets stabilize following a two-day rout triggered by Britain's vote to leave the European Union.
Energy stocks rose along with the price of oil in midday trading Tuesday. Health care and retailer stocks also did well. Bank stocks also rose.
The Dow Jones industrial average rose 148 points, or 0.9 percent, to 17,284.
The Standard & Poor's 500 index gained 19 points, or 1 percent, to 2,020. The Nasdaq composite climbed 57 points, or 1.3 percent, to 4,652.
European markets also rose. Britain's FTSE 100 climbed 2.6 percent and Germany's DAX gained 2 percent.
The British pound recovered somewhat but remained near the 30-year lows it plunged to immediately following the British "leave" vote.
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9:35 a.m.
Stocks are opening solidly higher on Wall Street following even bigger gains in Europe as global markets recover from a two-day rout triggered by Britain's vote to leave the European Union.
Banks stocks, which took the heaviest losses in the sell-off, climbed more than the rest of the market in early trading Tuesday.
Energy stocks also rose sharply as the price of crude oil turned higher. Bond prices fell, sending yields higher.
JPMorgan Chase rose 2 percent and Exxon Mobil rose 1 percent.
The Dow Jones industrial average rose 148 points, or 0.9 percent, to 17,284.
The Standard & Poor's 500 index gained 19 points, or 1 percent, to 2,020. The Nasdaq composite climbed 57 points, or 1.3 percent, to 4,652.
European markets also rose and the pound recovered.