NEW YORK — The latest on developments in financial markets (All times local):
11:45 a.m.
Stocks rose in midday trading as investors pore over earnings reports from several big lenders.
Banks and other financial companies rose more than the rest of the market Friday.
JPMorgan Case and Bank of America rose 1 per cent and Wells Fargo rose 2 per cent after reporting earnings that were higher than analysts expected.
Banks were also benefiting from an upward move in bond yields, which will lead to higher interest rates on loans.
Utilities and phone companies fell.
The Dow Jones industrial average rose 21 points, or 0.1 per cent, to 19,913. The Standard & Poor’s 500 index climbed 6 points, or 0.3 per cent, to 2,277.
The Nasdaq composite gained 36 points, or 0.7 per cent, to 5,583.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.42 per cent.
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9:35 a.m.
Banks are leading an early rise on Wall Street after three major U.S. lenders reported solid results.
JPMorgan Case, Bank of America and Wells Fargo each rose about 1 per cent in early trading Friday.
All three reported results that beat forecasts, although Wells Fargo’s profit declined and new account openings plunged following the bank’s fraudulent account-opening scandal.
Streaming music company Pandora jumped 8 per cent after releasing a strong revenue forecast.
The Dow Jones industrial average rose 50 points, or 0.3 per cent, to 19,939. The Standard & Poor’s 500 index climbed 5 points, or 0.3 per cent, to 2,276.
The Nasdaq composite gained 22 points, or 0.4 per cent, to 5,570.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 per cent.
The Associated Press
