DAMIAN J. TROISEAP Business Writer
Banks and energy companies helped lead stocks rise in trading Wednesday afternoon, raising benchmark S & P 500 to this week’s rise.
The S & P 500 Index rose 0.5% at 12:38 EST. The Dow Jones Industrial Average rose 157 points (0.5%) to 34,734, and the Nasdaq Composite index rose 0.2%.
Profit was broad, with more than 70% of Benchmark S & P 500 shares rising. Technology companies and healthcare stocks also showed strong growth, but fewer companies relied on direct consumer spending, including travel-related businesses.
Yields on 10-year Treasuries rose from 1.27% late Tuesday to 1.32%. Banks will benefit from higher yields, which will allow banks to impose more favorable interest on their loans. Citigroup was up 1.9% and Capital One was up 2.6%.
Oil prices have risen by more than 3% and natural gas prices have risen by 2.5% as the oil and gas industry continues to sort out the damage caused by the Gulf hurricane season. The turmoil was more pronounced than initially expected, with oil spills from some refineries.
ExxonMobil rose more than 2.7%, helping to lift better stocks than any other market. Occidental Petroleum increased by more than 5% and Marathon Oil increased by more than 6%.
Casino inventories were declining following reports of possible industry crackdowns by Chinese authorities in Macau, a former Portuguese colony and gambling center. MGM Resorts decreased 3.8% and Wynn Resorts decreased 7.4%.
Banks and energy companies lead higher stocks on Wall Street | National News
Source link Banks and energy companies lead higher stocks on Wall Street | National News