NEW YORK, N.Y. – The stock market broke two days of losses on Wednesday with solid gains as investors piled into shares of banks and energy companies. The yield on government bonds rose again, and investors dumped phone and real estate companies, sending them down nearly 2 per cent. Investors find those stocks less attractive as a source of income relative to bonds when yields are rising.
The Dow Jones industrial average climbed 112.58 points, or 0.6 per cent, to 18,281.03.
The Standard & Poor’s 500 index gained 9.24 points, or 0.4 per cent, to 2,159.73.
The Nasdaq composite rose 26.36 points, or 0.5 per cent, to 5,316.02.
For the week:
The Dow is down 27.12 points, or 0.2 per cent.
The S&P 500 is down 8.54 points, or 0.4 per cent.
The Nasdaq is up 4.02 points, or 0.1 per cent.
For the year:
The Dow is up 856.00 points, or 4.9 per cent.
The S&P 500 is up 115.79 points, or 5.7 per cent.
The Nasdaq is up 308.61 points, or 6.2 per cent.