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Markets Right Now: Stocks end turbulent week broadly higher

Updated: August 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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p>Stocks ended a wild week with solid gains, but not enough to prevent major indexes from logging their third weekly losses in a row.

Technology companies and banks did the most to pull the market higher Friday.

Traders picked up big tech names as they rediscovered their appetite for risk. Chipmaker Nvidia jumped 7.3% after reporting surprisingly good results for its latest quarter.

Banks rose along with bond yields. Higher yields are good for banks because they send interest rates on loans higher. JPMorgan Chase rose 2.4%.

The S&P 500 rose 41 points, or 1.4%, to 2,888.

The Dow Jones Industrial Average rose 306, or 1.2%, to 25,886. The Nasdaq rose 129 points, or 1.7%, to 7,895.

Bond prices fell. The yield on 10-year Treasury rose to 1.55% from 1.52%.

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11:45 a.m.

Stocks are moving broadly higher on Wall Street at the end of a wild week but are still headed for their third losing week in a row.

Technology companies and banks were doing the best in midday trading Friday.

Chipmaker Nvidia jumped 5.9% after reporting surprisingly good results for its latest quarter.

Banks were rising along with bond yields. Higher yields are good for banks because they send interest rates on loans higher, which means higher profits from lending. JPMorgan Chase rose 2.5%.

The S&P 500 rose 40 points, or 1.4%, to 2,887.

The Dow Jones Industrial Average rose 286, or 1.1%, to 25,859. The Nasdaq rose 121 points, or 1.5%, to 7,886.

Bond prices fell, sending yields higher. The yield on 10-year Treasury rose to 1.56% from 1.52%.

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9:35 a.m.

Stocks are opening broadly higher at the end of a turbulent week.

Cisco Systems jumped 2% Friday, a day after taking a nosedive on a weak forecast.

General Electric rebounded 6.7% after reporting late Thursday that its CEO had bought 250,000 shares of GE stock. GE had taken a plunge on new concerns about its accounting practices.

Stocks turned volatile this week because of new worries that the global economy is cooling off.

Investors were relieved that to see long-term bond yields edging higher. The yield on 10-year Treasury rose to 1.55% from 1.52% late Thursday.

The S&P 500 rose 24 points, or 0.9%, to 2,872.

The Dow Jones Industrial Average rose 179, or 0.7%, to 25,758. The Nasdaq rose 82 points, or 1.1%, to 7,850.

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

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