Banks Lift Stocks as S&P 500 Nears Record

Disney takes off after announcement
By Newser Editors and Wire Services
Posted Apr 12, 2019 3:26 PM CDT
Logos for The Walt Disney Company and Chevron appear above a trading post on the floor of the New York Stock Exchange on Friday.   (AP Photo/Richard Drew)

(Newser) – Stocks closed broadly higher on Wall Street, giving the S&P 500 index its third weekly gain in a row and putting it within reach of the record high it hit last September, the AP reports. Banks led the gains Friday after JPMorgan Chase reported a strong quarter, helped by higher interest rates. The country's largest bank by assets rose 4.7%, and other banks also rose. Disney soared 11.5% after unveiling a new video streaming service to go up against Netflix, the industry leader. Netflix fell 4.5%. The S&P 500 rose 19 points, or 0.7%, to 2,907. The Dow Jones Industrial Average rose 269 points, or 1%, to 26,412. The Nasdaq rose 36 points, or 0.5%, to 7,984. Bond prices fell, and the yield on the benchmark 10-year Treasury rose to 2.56%. (Read more stock market stories.)

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