Markets Right Now: Stocks shake off weak start, end higher - NEWS 95.7
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Markets Right Now: Stocks shake off weak start, end higher

Last Updated May 23, 2018 at 5:20 pm ADT

FILE- In this April 24, 2018, file photo, the sun shines from behind the New York Stock Exchange in New York. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, May 23. (AP Photo/Mary Altaffer, File)

NEW YORK, N.Y. – The latest on developments in financial markets (all times local):

4 p.m.

U.S. stocks turned higher and finished with small gains after the Federal Reserve indicated it’s not in a hurry to raise interest rates too quickly.

Retailers and technology companies led the way Wednesday.

Lowe’s jumped 10.4 per cent after turning in a strong quarter. Microsoft climbed 1.2 per cent.

Stocks fell in the morning but turned higher after the Fed released minutes from its latest meeting suggesting that it would keep raising interest rates gradually.

The S&P 500 index rose 8 points, or 0.3 per cent, to 2,733.

The Dow Jones industrial average rose 52 points, or 0.2 per cent, to 24,886. The Nasdaq composite rose 47 points, or 0.6 per cent, to 7,425.

Bond prices rose. The yield on the 10-year Treasury fell to 3.01 per cent.

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11:45 a.m.

U.S. stocks are mostly lower in midday trading on Wall Street, led by declines in banks as bond yields move lower.

Bank of America lost 1.8 per cent Wednesday, while JPMorgan Chase gave up 1.2 per cent.

European markets fell after a measure of the region’s business sector fell to an 18-month low in May.

Target slid 5 per cent after reporting that investments in its operations cut into its first-quarter profit.

Tiffany soared 20 per cent after reporting earnings that were far higher than analysts were expecting.

The S&P 500 index fell 4 points, or 0.2 per cent, to 2,719.

The Dow Jones industrial average lost 83 points, or 0.3 per cent, to 24,750. The Nasdaq composite was little changed at 7,387.

Bond prices rose. The yield on the 10-year Treasury fell to 3.01 per cent.

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9:35 a.m.

Stocks are opening lower on Wall Street following a late slide the day before.

Technology companies, energy companies and banks led declines in early trading Wednesday.

Hewlett Packard Enterpise dropped 7 per cent and Cimarex Energy fell 2 per cent.

Target slumped 4.9 per cent after reporting profits that came in below analysts’ forecasts.

Jewelry seller Tiffany soared 13.6 per cent after its profits blew past Wall Street’s expectations.

The S&P 500 index fell 11 points, or 0.4 per cent, to 2,713.

The Dow Jones industrial average lost 108 points, or 0.4 per cent, to 24,727. The Nasdaq composite fell 30 points, or 0.4 per cent, to 7,348.

Bond prices rose. The yield on the 10-year Treasury fell to 3.02 per cent.

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