Banks Lead US Stocks Broadly Higher

Dow ends day up 320
By Newser Editors and Wire Services
Posted Jul 9, 2018 3:16 PM CDT
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Trader Joseph Lawler works on the floor of the New York Stock Exchange, Monday, July 2, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks posted solid gains on Wall Street as traders looked ahead to what many expect will be strong second-quarter earnings from US companies, the AP reports. Banks led the way higher Monday and bond yields increased. Higher yields allow banks to charge higher interest rates on mortgages and other kinds of loans. JPMorgan Chase rose 3.1%. The gain in bond yields also pushed down prices for utilities and other high-dividend stocks. PPL Corp. fell 5%. The S&P 500 index rose 24 points, or 0.9%, to 2,784. The Dow Jones Industrial Average rose 320 points, or 1.3%, to 24,776. The Nasdaq composite climbed 67 points, or 0.9%, to 7,756. Bond prices fell. The yield on the 10-year Treasury rose to 2.86%.

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