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Solid Economic Reports Send US Stocks Higher

Dow ends day up 54
By Newser Editors and Wire Services
Posted Oct 3, 2018 3:04 PM CDT
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.   (AP Photo/Richard Drew, File)

(Newser) – Stocks are closing slightly higher following some solid reports on hiring and the services sector, the AP reports. 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%. High-dividend stocks fell sharply as investors seeking income shifted money out of them and into bonds. Procter & Gamble fell 1.6%. The S&P 500 rose 2 points, or 0.1%, to 2,925. The Dow Jones Industrial Average rose 54 points, or 0.2%, to 26,828, another record. The Nasdaq composite climbed 25 points, or 0.3%, to 8,025. The yield on the 10-year Treasury jumped to 3.16%, up sharply from 3.05% a day earlier. (Read more stock market stories.)

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