Markets Right Now: Stocks turn higher on trade hopes
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks have shaken off an early slump and are higher in midday trading as hopes build that trade tensions may ease.
Major carmakers turned higher Wednesday following media reports that the U.S. is planning to delay new tariffs on car and auto part imports from Europe.
Ford and Fiat Chrysler rose 1%. General Motors rose 0.5%.
Banks were still lower following a steep drop in bond yields. Bank of America fell 1%.
The S&P 500 index rose 19 points, or 0.7%, to 2,854.
The Dow Jones Industrial Average rose 146 points, or 0.6%, to 25,680. The Nasdaq rose 89 points, or 1.1%, to 7,823.
Bond prices rose. The yield on the 10-year Treasury fell to 2.39%
Stocks are pulling back in early trading led by declines in banks and technology companies.
Banks were coming under pressure early Wednesday as bond yields fell sharply. Lower yields mean lower interest rates on loans, which makes lending less profitable. Bank of America lost 1.5%
Among technology stocks, Salesforce.com fell 3.8% and chipmaker Nvidia gave up 2.3%.
Macy’s climbed 1.4% after turning in results that beat forecasts.
The S&P 500 index fell 17 points, or 0.6%, to 2,817.
The Dow Jones Industrial Average fell 168 points, or 0.7%, to 25,373. The Nasdaq gave up 33 points, or 0.4%, to 7,700.
Bond prices rose. The yield on the 10 year Treasury fell to 2.37%