Markets Right Now: Stocks rebound as bond yields climb

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

4 p.m.

Stocks closed broadly higher on Wall Street as bond yields rose off their recent lows, easing concerns about a troubling drop in long-term yields over the past week.

Banks did especially well Thursday. Citigroup climbed 2 percent.

Higher yields are good for banks because they earn more on bonds they hold and they can charge higher interest rates on loans.

Technology and industrial stocks also rose, offsetting losses in communications companies.

Small-company stocks did better than the rest of the market.

The S&P 500 rose 10 points, or 0.4 percent, to 2,815.

The Dow Jones Industrial Average climbed 91 points, or 0.4 percent, to 25,717. The Nasdaq added 25 points, or 0.3 percent, to 7,669.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.39 percent.

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11:45 a.m.

Stocks gave up an early gain and were mostly lower on Wall Street as losses in telecommunications and energy companies weighed on the market.

Verizon slumped 3 percent in midday trading Thursday, and energy stocks were falling along with the price of crude oil. ConocoPhillips gave up 1.5 percent.

Banks were still broadly higher as bond yields rose slightly, easing concerns about a troubling drop in long-term yields over the past week. Citigroup rose 0.8 percent.

The S&P 500 index slipped less than 1 point to 2,804.

The Dow Jones Industrial Average was little changed at 25,630. The Nasdaq slipped 5 points, or 0.1 percent, to 7,637.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.40 percent.

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10:55 a.m.

Banks are leading stocks higher in early trading on Wall Street as bond yields rise above their recent lows.

Citigroup rose 1 percent in morning trading Thursday. Higher bond yields are good for banks because they can earn more income from the bonds they hold and they can charge higher interest rates on loans.

Watch maker Movado jumped 20 percent after reporting strong earnings last quarter, and Calvin Klein parent company PVH soared 16 percent after turning in solid results of its own.

The Dow Jones Industrial Average rose 62 points, or 0.2 percent, to 25,687. The S&P 500 index rose 8 points, or 0.3 percent, to 2,814.

The Nasdaq rose 25 points, or 0.3 percent, to 7,668.

Bond prices fell. The yield on the benchmark 10-year Treasury note rose to 2.39 percent.

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9:35 a.m.

Banks are leading stocks higher in early trading on Wall Street as bond yields rise above their recent lows.

Citigroup rose 1 percent in early trading Thursday. Higher bond yields are good for banks because they can earn more income from the bonds they hold and they can charge higher interest rates on loans.

Watch maker Movado jumped 14 percent after reporting strong earnings last quarter, and Calvin Klein parent company PVH soared 15 percent after turning in solid results of its own.

The Dow Jones Industrial Average rose 59 points, or 0.2 percent, to 25,682. The S&P 500 index rose 3 points, or 0.1 percent, to 2,821.

The Nasdaq edged up 7 points, or 0.1 percent, to 7,698.

Bond prices fell. The yield on the benchmark 10-year Treasury note rose to 2.39 percent.