Banks, Retailers Lead US Stocks Higher

But major indexes are still down more than 3% for the month
By Newser Editors and Wire Services
Posted Aug 28, 2019 3:12 PM CDT
Banks, Retailers Lead US Stocks Higher
In this Aug. 16, 2019, file photo traders Dudley Devine, left, and Christopher Fuchs work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

Stocks are closing higher on Wall Street Wednesday, led by gains in banks and retailers, the AP reports. Wells Fargo climbed 1.6% and Home Depot rose 1.7%. Tiffany & Co. gained 3% after the luxury jeweler's second quarter results beat analysts' projections. The S&P 500 rose 18 points, or 0.6%, to 2,887. The Dow Jones Industrial Average climbed 258, or 1%, to 26,035. The Nasdaq added 29, or 0.4%, to 7,856. The major indexes are each still down more than 3% for the month. Investors continued to shift money into US government bonds, keeping long-term bond yields below short-term ones. The so-called inversion of the US yield curve is a rare phenomenon that has correctly predicted previous recessions. The yield on the 10-year Treasury fell to 1.47% compared with 1.51% for the 2-year Treasury. (More stock market stories.)

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