Markets Right Now: Solid economic reports send stocks higher

FILE- In this Tuesday, Oct. 2, 2018, file photo trader Michael Milano, left, and specialist Jay Woods work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Oct. 3. (AP Photo/Richard Drew, File)

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

4 p.m.

Stocks are closing slightly higher following some solid reports on hiring and the services sector.

Bond prices plunged Wednesday, sending the yield on the 10-year Treasury note to its highest level in more than seven years.

Banks, small company-stocks and big technology names posted outsized gains. Bank of America rose 1.4 percent.

High-dividend stocks fell sharply as investors seeking income shifted money out of them and into bonds. Procter & Gamble fell 1.6 percent.

The S&P 500 rose 2 points, or 0.1 percent, to 2,925.

The Dow Jones Industrial Average rose 54 points, or 0.2 percent, to 26,828, another record. The Nasdaq composite climbed 25 points, or 0.3 percent, to 8,025.

The yield on the 10-year Treasury jumped to 3.16 percent, up sharply from 3.05 percent a day earlier.

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11:45 a.m.

Stocks are climbing broadly on Wall Street following encouraging reports on hiring and the services sector.

Banks are marking some of the biggest gains Wednesday as bond yields rose sharply. Bank of America rose 2 percent. Higher bond yields allow banks to charge higher interest rates on loans including mortgages.

European stocks rose after the Italian government said it will gradually reduce its deficits after 2019.

J.C. Penney soared 7.7 percent after naming a new CEO.

The S&P 500 rose 11 points, or 0.4 percent, to 2,935.

The Dow Jones Industrial Average rose 138 points, or 0.5 percent, to 26,912. The Nasdaq composite climbed 35 points, or 0.4 percent, to 8,035.

Bond prices fell. The yield on the 10-year Treasury jumped to 3.12 percent.

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9:35 a.m.

Stocks are broadly higher on Wall Street in early trading as technology companies and banks added to their recent gains.

Apple rose 1 percent early Wednesday and Citigroup added 1.3 percent.

General Motors jumped 3.8 percent after Honda agreed to invest $2.75 billion in its Cruise autonomous vehicle unit.

J.C. Penney jumped 4.2 percent after naming a new CEO.

Italian stocks and government bond prices rose after that country's government said it would cut back its spending plans.

The S&P 500 rose 11 points, or 0.4 percent, to 2,935.

The Dow Jones Industrial Average rose 123 points, or 0.5 percent, to 26,893. The Nasdaq composite climbed 33 points, or 0.4 percent, to 8,033.

Bond prices fell. The yield on the 10-year Treasury rose to 3.08 percent.

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