Markets Right Now: US stocks close broadly higher

Charles Boeddinghaus, Gregory Wojtusiak Photo: AP
Charles Boeddinghaus, Gregory Wojtusiak

August 14, 2018 03:21 PM

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

4 p.m.

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U.S. stocks rallied as banks, retailers, and smaller companies jumped.

The gains Tuesday helped the market recover most of its losses over the previous two days.

The Turkish lira steadied as officials from Turkey and the U.S. said the countries are in talks to ease diplomatic tensions, which have resulted in tariffs on Turkish steel and aluminum.

Stocks in emerging markets like Argentina, Russia and Brazil jumped.

In the U.S., smaller companies rose more than the rest of the market.

Several retailers rose after posting solid results. Advance Auto Parts rose 7.8 percent.

The S&P 500 index rose 18 points, or 0.6 percent, to 2,839.

The Dow Jones Industrial Average added 112 points, or 0.4 percent, to 25,299. The Nasdaq gained 51 points, or 0.7 percent, to 7,870.

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11:45 a.m.

U.S. stocks are rallying as worries about Turkey's currency crisis eased.

Retailers and smaller companies are making some of the biggest gains Tuesday. Macy's rose 3 percent.

Global markets have taken two days of losses as investors worried that Turkey's currency troubles might spread.

The S&P 500 index rose 15 points, or 0.6 percent, to 2,837.

The Dow Jones Industrial Average added 89 points, or 0.4 percent, to 25,277. The Nasdaq composite gained 44 points, or 0.6 percent, to 7,863.

Small-company stocks rose far more than the rest of the market. The Russell 2000 index rose 17 points, or 1 percent, to 1,692.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.89 percent.

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9:35 a.m.

Stocks are broadly higher and recovering some of their recent losses as concerns about Turkey's financial stability eased.

Retailers and energy companies made some of the biggest gains Tuesday.

Shoe and handbag maker Tapestry climbed 7.5 percent after it beat expectations in its latest quarter.

Global markets sustained two days of losses as the Turkish lira plunged and a diplomatic dispute with the U.S. got worse. The lira stabilized after investors after U.S. and Turkish officials resumed talks.

The S&P 500 rose 10 points, or 0.4 percent, to 2,832.

The Dow Jones Industrial Average added 77 points, or 0.3 percent, to 25,265. The Nasdaq gained 26 points, or 0.3 percent, to 7,846.

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

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