Markets Right Now: Banks lead stocks to more record highs

Markets Associated Press

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

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4 p.m.

Stocks climbed to more record highs on Wall Street, led by big gains in banks.

Banks were benefiting from higher bond yields Tuesday, which allow them to charge higher interest rates on loans. Bank of America gained 2.5 percent and Wells Fargo rose 1.8 percent.

Chemicals company DowDuPont jumped 2.5 percent after it made changes to its breakup plans. Apple slipped after announcing its new lineup of iPhones.

The Standard & Poor's 500 index rose 8 points, or 0.3 percent, to 2,496.

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The Dow Jones industrial average climbed 61 points, or 0.3 percent, to 22,118. The Nasdaq composite increased 22 points, or 0.3 percent, to 6,454.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent.

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11:45 a.m.

U.S. stocks continue to rise as banks move higher along with bond yields.

Chemicals company DowDuPont is up 1.9 percent Tuesday after it made changes to its breakup plans, and Apple is wobbling as investors wait for details on the next iPhone.

The Standard & Poor's 500 index finished at an all-time high Monday and other major indexes are also trading near their recent highs.

Banks were benefiting from higher bond yields, which allow them to charge higher interest rates on loans. Wells Fargo rose 1.7 percent and Bank of America gained 2.4 percent.

The S&P 500 rose 5 points, or 0.2 percent, to 2,493.

The Dow Jones industrial average climbed 70 points, or 0.3 percent, to 22,126. The Nasdaq composite increased 6 points, or 0.1 percent, to 6,438.

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9:35 a.m.

Stocks are moving further into record territory in early trading on Wall Street, led by more gains for banks and technology companies.

Banks were benefiting Tuesday from higher bond yields, which allow them to charge higher interest rates on loans. Wells Fargo rose 1.1 percent and Bank of America gained 1.4 percent.

Materials companies were higher, led by a 2.8 percent gain for DowDuPont, which announced some changes to its breakup plan that activist investors had been pushing for.

The Standard & Poor's 500 index rose 6 points, or 0.3 percent, to 2,494.

The Dow Jones industrial average climbed 70 points, or 0.3 percent, to 22,126. The Nasdaq composite increased 16 points, or 0.3 percent, to 6,448.