NEW YORK, N.Y. – The latest on developments in financial markets (All times local):
Stocks are opening higher on Wall Street, setting another all-time high for the Dow Jones industrial average.
Banks rose more than the rest of the market in early trading Monday. Goldman Sachs was the biggest gainer among the 30 stocks in the Dow.
Banks were benefiting from an increase in long-term interest rates in the bond market, while bond-substitute stocks like utilities and real estate companies were lagging.
Bond prices fell, sending yields higher. The yield on the benchmark 10-year Treasury note rose to 2.43 per cent.
The Dow was up 79 points, or 0.4 per cent, to 19,249.
The Standard & Poor’s 500 index climbed 8 points, or 0.4 per cent, to 2,200. The Nasdaq composite increased 19 points, or 0.4 per cent, to 5,271.