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Markets Right Now: Banks lead midday gains on Wall Street

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

11:45 a.m.

More gains in the financial sector are leading the stock market higher in midday trading on Wall Street.

Banks have had by far the biggest gains in the stock market since the presidential election last week. Last week the sector had its biggest gain since 2009.

Investors are hoping that higher interest rates, stronger economic growth and lighter regulation under President-elect Donald Trump will help banks make more money.

Best Buy soared 11 per cent after it reported greater sales of mobile phones and increased online sales and gave a strong forecast.

The Dow Jones industrial average edged up 12 points, or 0.1 per cent, to 18,882.

The Standard & Poor’s 500 index climbed 9 points, or 0.4 per cent, to 2,185. The Nasdaq composite increased 31 points, or 0.6 per cent, to 5,326.

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9:35 a.m.

U.S. stocks are edging mostly higher in early trading, led by energy companies as the price of crude oil rises.

Chevron rose 1 per cent early Thursday, the biggest gain in the Dow Jones industrial average.

In earnings news, Best Buy rose 6 per cent after it reported greater sales of mobile phones and increased online sales and gave a strong forecast.

Wal-Mart fell 4 per cent after it reported disappointing sales in the third quarter.

Western Refining surged 24 per cent after competitor Tesoro agreed to buy the company for $4.1 billion.

The Dow Jones industrial average edged up 12 points, or 0.1 per cent, to 18,882.

The Standard & Poor’s 500 index climbed 4 points, or 0.2 per cent, to 2,181. The Nasdaq composite increased 7 points, or 0.1 per cent, to 5,301.