Markets Right Now: Banks gain, leading US stocks higher

FILE - This Oct. 4, 2014, file photo, shows the facade of the New York Stock Exchange. Health care companies are leading stocks broadly lower in early trading Tuesday, Feb. 13, 2018, on Wall Street as the market gives back some of its big gain from the day before. (AP Photo/Richard Drew, File)

NEW YORK — The latest on developments in financial markets (all times local):

11:45 a.m.

U.S. stocks shook off an early decline and are mostly higher in midday trading, led by gains in banks.

Banks were benefiting Wednesday from a rise in bond yields, which allows them to charge higher interest rates on loans. Bank of America rose 1.1 percent.

Bond yields rose after the government said consumer prices climbed in January at a rate that was faster than economists had expected.

The yield on the 10-year Treasury note rose to 2.89 percent from 2.84 percent a day earlier.

The Standard & Poor's 500 index rose 11 points, or 0.4 percent, to 2,674.

The Dow Jones industrials rose 13 points, or 0.1 percent, to 24,653. The Nasdaq climbed 66 points, or 1 percent, to 7,081.

___

9:35 a.m.

Stocks are slightly lower and bond yields are higher in early trading after the government reported the highest increase in consumer prices in a year.

The Labor Department reported early Wednesday that core consumer prices rose 0.3 percent last month, more than expected.

Investors were looking at the number closely because a sharp increase in wages last month, another key measure of inflation, helped set off this month's market plunge.

The yield on the 10-year Treasury note rose to 2.87 percent, up from 2.82 percent shortly before the report came out.

The Standard & Poor's 500 index fell 13 points, or 0.4 percent, to 2,651.

The Dow Jones industrials fell 125 points, or 0.5 percent, to 24,508. The Nasdaq lost 17 points, or 0.2 percent, to 6,998.

___

9:15 a.m.

U.S. stock futures are lower after the government reported the highest increase in consumer prices in a year.

Futures for the Dow Jones industrials were indicating a drop of 177 points at the open. The S&P 500 index was indicated with a decline of 18 points, while Nasdaq was showing a drop of 51.

Before the release of the data, the Dow futures were showing a gain of about 170 points.

The Labor Department says consumer prices, excluding food and energy, rose 0.3 percent last month. Analysts were expecting an increase of 0.2 percent. Meanwhile, another report shows consumers cut back on spending in January by more than expected.

Investors were anxiously awaiting the data on consumer prices. Recent swings in financial markets were touched off by worries that rising inflation could prompt the Federal Reserve to accelerate increases in interest rates.

___

8:40 a.m.

U.S. stock futures sank after the government reported the highest increase in consumer prices in a year and a significant decline in retail sales for January.

The Labor Department said consumer prices, excluding food and energy, rose 0.3 percent last month. Analysts were expecting an increase of 0.2 percent. Meanwhile, another report shows consumers cut back on spending in January by more than expected.

The Dow Jones industrials were indicated to open with a drop of about 320 points. Before the release of the data, the Dow futures were showing a gain of about 170 points.

Investors were anxiously awaiting the data on consumer prices. Recent swings in financial markets were touched off by worries that inflation might rise too quickly, which could prompt the Federal Reserve to accelerate increases in interest rates.

People also read these

Changes at Ralph Lauren come at cost investors...

Aug 10, 2016

Ralph Lauren swung to a quarterly loss after the company spent heavily to turn itself around, but...

US employers advertised more jobs and boosted...

Aug 10, 2016

US employers advertised more jobs and boosted hiring in June, a hopeful sign for economy

Rowing canceled as skies darken over Rio Olympics

Aug 10, 2016

Rowers packed up their oars for the day while cyclists hit slippery roads on skinny time-trial...

Missing weapons among police calls involving...

Aug 10, 2016

A man charged with killing two Georgia teenagers was identified as the suspect in the theft of a...

Sept. 11 memorial motorcycle ride ending on a...

Aug 10, 2016

Leaders of a massive, annual motorcycle procession to the three Sept. 11 crash sites say this...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales[at]theworldinsiders.com

Subscribe Now!