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
Banks Lead Stocks to More Record Highs
Specialist Meric Greenbaum, left, and trader Edward McCarthy work on the floor of the New York Stock Exchange, Monday, Sept. 11, 2017.   (AP Photo/Richard Drew)

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.

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%. (More stock market stories.)

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