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Markets Right Now: Banks lead stocks higher on Wall Street

Posted January 13

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

4:00 p.m.

Gains in bank stocks left indexes mostly higher on Wall Street.

The Nasdaq composite set another all-time high Friday even as the Dow Jones industrial average edged lower.

JPMorgan Chase and Bank of America rose about 0.5 percent and Wells Fargo rose 1.5 percent after reporting earnings that were higher than analysts expected.

Banks were also benefiting from an upward move in bond yields, which will lead to higher interest rates on loans.

Real estate and materials companies fell.

The Standard & Poor's 500 index climbed 4 points, or 0.2 percent, to 2,274.

The Nasdaq composite gained 26 points, or 0.5 percent, to 5,574. The Dow industrials fell 5 points, less than 0.1 percent, to 19,885.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent.

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11:45 a.m.

Stocks rose in midday trading as investors pore over earnings reports from several big lenders.

Banks and other financial companies rose more than the rest of the market Friday.

JPMorgan Case and Bank of America rose 1 percent and Wells Fargo rose 2 percent after reporting earnings that were higher than analysts expected.

Banks were also benefiting from an upward move in bond yields, which will lead to higher interest rates on loans.

Utilities and phone companies fell.

The Dow Jones industrial average rose 21 points, or 0.1 percent, to 19,913. The Standard & Poor's 500 index climbed 6 points, or 0.3 percent, to 2,277.

The Nasdaq composite gained 36 points, or 0.7 percent, to 5,583.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.42 percent.

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9:35 a.m.

Banks are leading an early rise on Wall Street after three major U.S. lenders reported solid results.

JPMorgan Case, Bank of America and Wells Fargo each rose about 1 percent in early trading Friday.

All three reported results that beat forecasts, although Wells Fargo's profit declined and new account openings plunged following the bank's fraudulent account-opening scandal.

Streaming music company Pandora jumped 8 percent after releasing a strong revenue forecast.

The Dow Jones industrial average rose 50 points, or 0.3 percent, to 19,939. The Standard & Poor's 500 index climbed 5 points, or 0.3 percent, to 2,276.

The Nasdaq composite gained 22 points, or 0.4 percent, to 5,570.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.39 percent.

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