Markets Right Now: Stocks erase early loss, finish higher

Dilip Patel Photo: AP
Dilip Patel

November 15, 2018 03:21 PM

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

4 p.m.

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A rebound in technology stocks helped the market erase an early loss and finish higher, breaking a five-day losing streak.

Banks and industrial stocks also rose Thursday, offsetting losses in retailers, homebuilders and utilities. Energy stocks rose along with crude oil.

British bank stocks plunged and the pound slumped amid discord over a new deal for Britain's departure from the European Union next Spring.

Power provider PG&E plunged another 30 percent as concerns mounted over whether it could sustain losses related to the devastating wildfire in Northern California.

The S&P 500 index rose 28 points, or 1.1 percent, to 2,730.

The Dow Jones Industrial Average rose 208 points, or 0.8 percent, to 25,289. The Nasdaq composite rose 122 points, or 1.7 percent, to 7,259.

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11:45 a.m.

Stocks erased early losses and were slightly higher in midday trading on Wall Street after the technology sector turned higher.

The modest gains Thursday, if they hold, would end a five-day losing streak.

Power provider PG&E lost another one-fourth of its value as concerns mounted over whether it could sustain losses related to California's devastating Camp Fire.

The British pound fell and British bank stocks plunged after two Cabinet ministers quit, throwing the country's plans for leaving the European Union into turmoil. The disarray is raising questions over London's future as a financial center.

The S&P 500 rose 2 points, or 0.1 percent, to 2,703.

The Dow Jones Industrial Average edged down 48 points, or 0.2 percent, to 25,038. The Nasdaq rose 39 points, or 0.6 percent, to 7,176.

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9:35 a.m.

Stocks are opening mostly lower on Wall Street, extending the market's losing streak into a sixth day.

Health care companies and banks fell the most early Thursday. Johnson & Johnson and Citigroup each fell about 1 percent.

Technology shares rose. Cisco Systems climbed 4.5 percent.

The British pound fell sharply after two ministers quit from Prime Minister Theresa May's Cabinet in opposition her plan for Britain's departure from the European Union next year.

The S&P 500 index fell 11 points, or 0.4 percent, to 2,690.

The Dow Jones Industrial Average lost 102 points, or 0.4 percent, to 24,978. The Nasdaq composite was little changed at 7,136.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.09 percent.

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(Copyright 2018 by The Associated Press. All Rights Reserved.)

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