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
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)

(Newser) – 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. (Read more stock market stories.)

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