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Markets Right Now: Stocks stage late comeback, Dow at record

Feb 24, 2017 | 10:00 AM

NEW YORK — The latest on developments in financial markets (All times local):

4:00 p.m.

A late burst of buying erased losses in U.S. indexes and left the Dow Jones industrial average with its 11th straight gain and another record close.

The market was down nearly all day Friday before turning higher in the last half-hour of trading.

High-dividend stocks such as utilities and phone companies rose the most. Investors tend to favour those stocks when bond yields are lower and they want less volatile investments.

AT&T rose 1 per cent and FirstEnergy gained 3 per cent.

The Dow rose 11 points, or 0.1 per cent, to end at 20,821. It was down as much as 76 points earlier.

The Standard & Poor’s 500 index rose 3 points, or 0.2 per cent, to 2,367, also a record. The Nasdaq composite climbed 9 points, or 0.2 per cent, to 5,845.

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11:45 a.m.

Stocks are moving lower in midday trading on Wall Street, led by declines in banks and energy companies.

Banks were lower Friday as bond yields fell, which forces interest rates lower on mortgages and other kinds of loans. Citigroup lost 1.8 per cent.

Hewlett Packard Enterprises slumped 8 per cent after the company said its profits will slow this year, and J.C. Penney dropped 9 per cent after saying it would close up to 140 stores and two distribution centres.

The Standard & Poor’s 500 index lost 6 points, or 0.3 per cent, to 2,357.

The Dow Jones industrial average gave back 62 points, or 0.3 per cent, to 20,750. The Nasdaq composite dropped 16 points, or 0.3 per cent, to 5,819.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.31 per cent.

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9:35 a.m.

Stocks are opening lower on Wall Street, led by declines in banks and energy companies.

Banks were lower in early trading Friday as bond yields fell, which will force interest rates lower on loans such as mortgages. Citizens Financial dropped 1.7 per cent.

Investors were also looking over company earnings. Hewlett Packard Enterprises slumped 8 per cent after the company said it is facing “significant headwinds” that will slow its profits this year.

The Standard & Poor’s 500 index lost 10 points, or 0.4 per cent, to 2,354.

The Dow Jones industrial average gave back 56 points, or 0.3 per cent, to 20,754. The Nasdaq composite dropped 28 points, or 0.5 per cent, to 5,807.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.34 per cent.

The Associated Press