Markets Right Now: Bank stocks rise in short day of trading
Stocks are wrapping up a shortened day of pre-holiday trading with solid gains as banks and energy companies jump.
Energy companies climbed Monday as the price of oil rose for the eighth day in a row. Banks rose with bond yields and interest rates.
Exxon Mobile rose 1.7 percent and Citigroup gained 2.1 percent.
Material and industrial companies rose after a survey showed U.S. factories expanded in June. General Electric climbed 1.6 percent.
The Standard & Poor's 500 index rose 52 points, or 0.2 percent, to 2,429.
The Dow Jones industrial average jumped 129 points, or 0.6 percent, to 21,479. The Nasdaq composite lost 30 points, or 0.5 percent, to 6,110 as technology companies continued to slump.
The Russell 2000 index of small-company stocks closed at a record high.
Stocks are broadly higher in early trading and banks are leading the way.
Wells Fargo rose 1.2 percent Monday and Morgan Stanley picked up 1.3 percent on the first day of the third quarter.
Trading will close at 1 p.m. for the U.S. Independence Day holiday.
Consumer financial services company Bankrate climbed 10.3 percent after it agreed to be acquired by Red Ventures for $14 a share, or $1.25 billion.
Car makers are reporting their monthly U.S. sales. Ford added 2.9 percent and Fiat Chrysler gained 3.3 percent.
The Standard & Poor's 500 index rose 12 points, or 0.5 percent, to 2,435.
The Dow Jones industrial average added 118 points, or 0.6 percent, to 21,468. The Nasdaq composite climbed 20 points, or 0.3 percent, to 6,160.