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Markets Right Now: US stocks move higher, led by banks

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

11:45 a.m.

Financial stocks are leading Wall Street higher after several major banks reported solid profits.

Citigroup rose half a per cent Friday after its results beat analysts’ forecasts.

Technology stocks rose following come encouraging news on the economy out of the U.S. and China Friday. Intel rose 1.3 per cent and Microsoft rose 0.7 per cent.

High-dividend stocks like utilities lagged the market as higher bond yields gave investors other options for getting income.

The Dow Jones industrial average rose 77 points, or 0.4 per cent, to 18,176.

The Standard & Poor’s 500 index gained 4 points, or 0.2 per cent, to 2,137. The Nasdaq composite climbed 10 points, or 0.2 per cent, to 5,223.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.76 per cent.

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9:35 a.m.

Financial stocks are leading an early rise on Wall Street after several major banks reported solid profits.

Banks were also benefiting from higher bond yields Friday, which will allow them to charge higher interest rates on mortgages and other kinds of loans.

JPMorgan Chase rose 1 per cent and Citigroup rose 2 per cent after their results beat analysts’ forecasts.

High-dividend stocks like utilities lagged the market as higher bond yields gave investors other options for getting income.

The Dow Jones industrial average rose 134 points, or 0.8 per cent, to 18,234.

The Standard & Poor’s 500 index gained 11 points, or 0.6 per cent, to 2,144. The Nasdaq composite climbed 29 points, or 0.6 per cent, to 5,242.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.77 per cent.