Markets Right Now: Gains in bank stocks lead market higher

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

4:00 p.m.

Another solid increase in bank stocks pushed major market indexes higher on Wall Street.

Banks, which had lagged the rest of the market heading into last week’s presidential election, have been on a tear since then. Last week they had their biggest gain since 2009.

Investors are hoping that higher interest rates, stronger economic growth and lighter regulation under President-elect Donald Trump will help banks make more money. PNC Financial Services rose 2.9 per cent Thursday.

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Best Buy surged 14 per cent after reporting greater sales of mobile phones and increased online sales.

The Dow Jones industrial average rose 35 points, or 0.2 per cent, to 18,903.

The Standard & Poor’s 500 index climbed 10 points, or 0.5 per cent, to 2,187. The Nasdaq composite increased 39 points, or 0.7 per cent, to 5,333.

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11:45 a.m.

More gains in the financial sector are leading the stock market higher in midday trading on Wall Street.

Banks have had by far the biggest gains in the stock market since the presidential election last week. Last week the sector had its biggest gain since 2009.

Investors are hoping that higher interest rates, stronger economic growth and lighter regulation under President-elect Donald Trump will help banks make more money.

Best Buy soared 11 per cent after it reported greater sales of mobile phones and increased online sales and gave a strong forecast.

The Dow Jones industrial average edged up 12 points, or 0.1 per cent, to 18,882.

The Standard & Poor’s 500 index climbed 9 points, or 0.4 per cent, to 2,185. The Nasdaq composite increased 31 points, or 0.6 per cent, to 5,326.

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9:35 a.m.

U.S. stocks are edging mostly higher in early trading, led by energy companies as the price of crude oil rises.

Chevron rose 1 per cent early Thursday, the biggest gain in the Dow Jones industrial average.

In earnings news, Best Buy rose 6 per cent after it reported greater sales of mobile phones and increased online sales and gave a strong forecast.

Wal-Mart fell 4 per cent after it reported disappointing sales in the third quarter.

Western Refining surged 24 per cent after competitor Tesoro agreed to buy the company for $4.1 billion.

The Dow Jones industrial average edged up 12 points, or 0.1 per cent, to 18,882.

The Standard & Poor’s 500 index climbed 4 points, or 0.2 per cent, to 2,181. The Nasdaq composite increased 7 points, or 0.1 per cent, to 5,301.

The Associated Press