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Markets Right Now: Banks, retailers lead stock gains

By: The Associated Press, Associated Press
January 12, 2018 Updated: January 12, 2018 at 3:03 pm
0

The latest on developments in financial markets (All times local):

4 p.m.

Rising retailers pushed stocks further into record territory on Wall Street.

The Standard & Poor's 500 closed out its seventh week of gains in the last eight Friday.

Bond yields rose following a report that inflation rose more than expected last month.

The yield on the two-year Treasury topped 2 percent for the first time since the financial crisis was peaking in 2008.

Target jumped 3.8 percent. Bank of America rose 1.7 percent.

Facebook dropped 4.5 percent after saying it will make changes that will result in users seeing fewer posts from brands.

The S&P 500 climbed 18 points, or 0.7 percent, to 2,786.

The Dow Jones industrials gained 228 points, or 0.9 percent, to 25,803. The Nasdaq composite rose 49 points, or 0.7 percent, to 7,261.

___

11:45 a.m.

Rising retailers pushed stocks further into record territory on Wall Street.

The Standard & Poor's 500 was on pace Friday to close out its seventh week of gains in the last eight.

Bond yields rose following a report that inflation rose last month.

The yield on the two-year Treasury topped 2 percent for the first time since the financial crisis was peaking in 2008.

Target rose 3.4 percent. Bank of America rose 1 percent.

Facebook dropped 4 percent after saying it will make changes that will result in users seeing fewer posts from brands.

The S&P 500 climbed 14 points, or 0.5 percent, to 2,782.

The Dow Jones industrials gained 208 points, or 0.8 percent, to 25,783. The Nasdaq rose 40 points, or 0.6 percent, to 7,252.

___

9:35 a.m.

Stocks are opening higher on Wall Street, led by gains in banks and retailers.

Target rose 2.9 percent in early trading Friday. Banks were benefiting from higher bond yields. Bank of America rose 1 percent.

Facebook dropped 4.3 percent after saying it would make significant changes to user feeds that will result in fewer posts from brands.

The Standard & Poor's 500 index climbed 5 points, or 0.2 percent, to 2,772.

The Dow Jones industrial average gained 101 points, or 0.4 percent, to 25,675. The Nasdaq rose 8 points, or 0.1 percent, to 7,211.

Bond prices fell. The yield on the 10-year Treasury rose to 2.56 percent.

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