Markets Right Now: Banks lead stock gains on Wall Street

Markets Right Now: Banks lead stock gains on Wall Street Photo: AP

January 16, 2019 03:21 PM

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

4 p.m.

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Strong earnings from several big banks powered more gains on Wall Street, with Goldman Sachs and Bank of America leading the way.

Goldman Sachs jumped 9.5 percent Wednesday, its biggest gain in 10 years, after the bank said gains in its advisory business offset a rough quarter in trading. The bank had been lagging the market in recent months.

Bank of America climbed 6.7 percent as rising interest rates helped it make more money from lending.

Other sectors didn't move as much. Communications companies fell.

The S&P 500 rose 5 points, or 0.2 percent, to 2,616.

The Dow Jones Industrial Average added 141 points, or 0.6 percent, to 24,207. The Nasdaq rose 10 points, or 0.2 percent, to 7,034.

Bond prices fell. The yield on the 10-year Treasury rose to 2.72 percent.

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11:45 a.m.

Stocks are rising in midday trading on Wall Street following strong results from major banks including Goldman Sachs and Bank of America.

Technology and consumer-focused companies also traded higher Wednesday.

United Continental soared 6.1 percent after its latest quarterly results beat analysts' estimates.

Britain's FTSE 100 stock index slipped after Parliament rejected the Brexit deal negotiated by Prime Minister Theresa May and European leaders.

The S&P 500 rose 5 points, or 0.2 percent, to 2,615.

The Dow Jones Industrial Average added 114 points, or 0.5 percent, to 24,177. The Nasdaq rose 10 points, or 0.1 percent, to 7,033.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.73 percent.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street, led by big gains in several banks after they reported solid earnings.

Bank of America jumped 5 percent in early trading Wednesday after the bank reported a 39 percent surge in earnings. Goldman Sachs climbed 3.7 percent after reporting strong results of its own.

United Continental soared 7.3 percent after its latest quarterly results beat analysts' estimates.

The S&P 500 rose 8 points, or 0.3 percent, to 2,618.

The Dow Jones Industrial Average added 105 points, or 0.4 percent, to 24,169. The Nasdaq rose 27 points, or 0.4 percent, to 7,051.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.74 percent.

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(Copyright 2019 by The Associated Press. All Rights Reserved.)

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