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Markets Right Now: Banks, energy stocks lead market higher

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):

4:00 a.m.

Banks and energy companies led stocks to close higher on Wall Street.

Banks benefited from an increase in bond yields, which will allow them to raise interest rates on loans. Bank of America rose 2 per cent Tuesday.

Higher prices for crude oil and natural gas helped send energy companies higher. Chesapeake Energy jumped 6.8 per cent.

Real estate and phone companies fell as the rise in bond yields made those sectors less appealing to investor seeking income.

The Dow Jones industrial average rose 112 points, or 0.6 per cent, to 18,281.

The Standard & Poor’s 500 index gained 9 points, or 0.4 per cent, to 2,159. The Nasdaq composite climbed 26 points, or 0.5 per cent, to 5,316.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.71 per cent.

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11:45 a.m.

Energy companies are leading stocks higher in midday trading on Wall Street as the price of crude oil moves higher.

Chesapeake Energy jumped 6.6 per cent Wednesday, the biggest gain in the Standard & Poor’s 500 index.

The price of oil rose 2 per cent after the U.S. government said energy stockpiles shrank last week.

Bank stocks were also gaining as bond yields rose. That would allow banks to charge higher interest rates on loans. JPMorgan Chase rose 1.6 per cent.

The Dow Jones industrial average rose 120 points, or 0.7 per cent, to 18,288.

The S&P 500 index gained 10 points, or 0.5 per cent, to 2,161. The Nasdaq composite climbed 36 points, or 0.7 per cent, to 5,326.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.72 per cent.

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9:35 a.m.

Energy stocks are leading an early gain on Wall Street as the price of crude oil moves higher.

Devon Energy rose 2.3 per cent shortly after the opening bell Wednesday, one of the biggest gains in the Standard & Poor’s 500 index.

The price of oil rose 2 per cent to $49 a barrel on reports that U.S. stockpiles of crude fell sharply last week.

The Dow Jones industrial average rose 87 points, or 0.5 per cent, to 18,256.

The Standard & Poor’s 500 index gained 8 points, or 0.4 per cent, to 2,159. The Nasdaq composite climbed 18 points, or 0.4 per cent, to 5,308.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 1.69 per cent.