X

Banks Up, Apple Down as Stocks Hit More Record Highs

Banks benefited from higher bond yields
By Newser Editors and Wire Services
Posted Sep 12, 2017 3:18 PM CDT

(Newser) – Stocks climbed to more record highs Tuesday on Wall Street, led by big gains in banks, the AP reports. Banks were benefiting from higher bond yields, which allow them to charge higher interest rates on loans. Bank of America gained 2.5% and Wells Fargo rose 1.8%. Chemicals company DowDuPont jumped 2.5% after it made changes to its breakup plans. Apple slipped after announcing its new lineup of iPhones.

story continues below

The Standard & Poor's 500 index rose 8 points, or 0.3%, to 2,496. The Dow Jones industrial average climbed 61 points, or 0.3%, to 22,118. The Nasdaq composite increased 22 points, or 0.3%, to 6,454. Bond prices fell. The yield on the 10-year Treasury note rose to 2.17%. (Read more stock market stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X