published on May 15, 2019 - 1:13 PM
Written by Associated Press

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

4 p.m.
Stocks are closing solidly higher on Wall Street as traders become more hopeful that some of the U.S.’s frictions with its trading partners will ease.

Treasury Secretary Steven Mnuchin said Wednesday that Washington is getting closer to lifting tariffs on steel and aluminum from Canada and Mexico.

Mnuchin also said he would travel soon to Beijing to resume trade talks.

Longtime market favorites had some of the biggest gains. Google parent company Alphabet rose 4.1%, Facebook rose 3.1% and Amazon climbed 1.7%.

The S&P 500 index rose 16 points, or 0.6%, to 2,850.

The Dow Jones Industrial Average rose 115 points, or 0.5%, to 25,648. The Nasdaq rose 87 points, or 1.1%, to 7,822.

Bond prices rose sharply. The yield on the 10-year Treasury fell to 2.37%

11:45 a.m.
Stocks have shaken off an early slump and are higher in midday trading as hopes build that trade tensions may ease.

Major carmakers turned higher Wednesday following media reports that the U.S. is planning to delay new tariffs on car and auto part imports from Europe.

Ford and Fiat Chrysler rose 1%. General Motors rose 0.5%.

Banks were still lower following a steep drop in bond yields. Bank of America fell 1%.

The S&P 500 index rose 19 points, or 0.7%, to 2,854.

The Dow Jones Industrial Average rose 146 points, or 0.6%, to 25,680. The Nasdaq rose 89 points, or 1.1%, to 7,823.

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

9:35 a.m.
Stocks are pulling back in early trading led by declines in banks and technology companies.

Banks were coming under pressure early Wednesday as bond yields fell sharply. Lower yields mean lower interest rates on loans, which makes lending less profitable. Bank of America lost 1.5%

Among technology stocks, Salesforce.com fell 3.8% and chipmaker Nvidia gave up 2.3%.

Macy’s climbed 1.4% after turning in results that beat forecasts.

The S&P 500 index fell 17 points, or 0.6%, to 2,817.

The Dow Jones Industrial Average fell 168 points, or 0.7%, to 25,373. The Nasdaq gave up 33 points, or 0.4%, to 7,700.

Bond prices rose. The yield on the 10 year Treasury fell to 2.37%


e-Newsletter Signup

Our weekly poll

Do you agree with Gov. Newsom's decision to tighten lockdown restrictions?

Loading ... Loading ...

Central Valley Biz Blogs

Popup
shares

3/5

Article views

remaining

Sign up icon

To continue website access to

TheBusinessJournal.com

please create a FREE account OR login here.

1/5

Article views

remaining

SKIP THE POP-UPS
For only $59 for one 1-year you will receive the Print edition along with EVERYTHING The Business Journal has to offer digitally, PLUS you will have unlimited 24- hour a day access to view articles at

TheBusinessJournal.com

Use Promo Code

*New Subscribers Only

Digital and Print

XX Days Remaining

until you can view 5 more free articles

Sign up icon

Want access? Subscribe now & save $20 OFF.

Use Promo Code

WEBSUB20

* NEW SUBSCRIBERS ONLY