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Wednesday November 22nd, 2017 9:37AM

US stocks rise further as banks climb with interest rates

By The Associated Press

NEW YORK (AP) — U.S. stocks continue to rise Tuesday as banks move higher along with bond yields. Chemicals company DowDuPont is up after it made changes to its breakup plans, and Apple edged lower after it revealed its new lineup of iPhones. The Standard & Poor's 500 index finished at an all-time high Monday and other major indexes are also trading around their recent record highs.

KEEPING SCORE: The Standard & Poor's 500 index rose 5 points, or 0.2 percent, to 2,493 as of 2:50 p.m. Eastern time. The Dow Jones industrial average added 54 points, or 0.2 percent, to 22,111. The Nasdaq composite picked up 4 points, or 0.1 percent, to 6,437. The Russell 2000 index of smaller-company stocks gained 7 points, or 0.5 percent, to 1,422 after the government said job openings and hiring grew in July.

Stocks are coming off their best day since late April. They rose Monday as Hurricane Irma weakened without doing as much damage as some forecasts had predicted last week. Investors were also relieved that tensions between the U.S. and North Korea didn't get any worse following a national holiday there.

BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent after it jumped to 2.13 percent Monday. That helped banks, as Bank of America added 58 cents, or 2.5 percent, to $23.94 and U.S. Bancorp gained 91 cents, or 1.8 percent, to $51.80. Companies that pay big dividends lagged the market, as income-seeking investors were drawn to bonds. Utilities and real estate investment trusts took sharp losses.

ANSWER THE CALL: Apple stock gyrated as the company announced its newest iPhones and other products. The new iPhone 8 will be able to shoot pictures with better colors and less distortion, particularly in low-light settings. The iPhone X has an edge-to-edge screen and can be unlocked with facial recognition.

The iPhone is the source of most of Apple's revenue, so expectations from fans and investors are high. Apple traded slightly lower earlier in the day, climbed as much as 1.5 percent during the presentation, and later slipped 73 cents to $160.77.

Several chipmakers associated with Apple moved higher. Western Digital picked up $1.78, or 2 percent, to $89.16 and Micron Technology gained 92 cents, or 2.9 percent, to $34.36.

GOOD CHEMISTRY: DowDuPont, which was formed when two of the world's largest chemical companies combined in August, made some changes to its breakup plan after pressure from activist investors. DowDuPont will ultimately break up into three public companies. One will focus on agriculture, one on material science and one on specialty products. Tuesday's changes concern the latter two companies.

DowDuPont gained $1.86, or 2.8 percent, to $68.71.

JOB OPENINGS: Job openings posted by U.S. employers rose 0.9 percent to 6.2 million in July, the Labor Department said. That's highest on records dating to 2000. Hiring also increased and more people quit their jobs, which often means they are leaving for jobs that pay better.

Retailers rose as investors calculated that people will have more money to spend. Gap jumped $1.76, or 6.8 percent, to $27.71. Victoria's Secret parent L Brands advanced $1.68, or 4.4 percent, to $39.58 and discount retailer Ross Stores added $1.58, or 1.7 percent, to $60.85.

TEVA SURGE CONTINUES: Teva Pharmaceutical Industries, the world's largest generic company, rose again after it agreed to sell its intrauterine device Paragard to surgical product and contact lens maker Cooper Cos. Cooper will pay Teva $1.1 billion. Teva said earlier this year that it would sell some businesses to pay off debt. Its stock gained 77 cents, or 4.2 percent, to $19.27 and Cooper fell $5.31, or 2.1 percent, to $248.08.

Teva soared 19 percent Monday after it named a new CEO, but even with those gains, it's down is down 47 percent this year as the company deals with falling prices for generic drugs and competition that's hurting revenue from its multiple sclerosis drug Copaxone.

ENERGY: Energy companies traded higher as benchmark U.S. crude added 16 cents to $48.23 a barrel in New York. Brent crude, the standard for international oil prices, gained 43 cents to $54.27 a barrel in London.

Wholesale gasoline rose 2 cents to $1.66 a gallon. Heating oil remained at $1.74 a gallon. Natural gas climbed 5 cents to $3 per 1,000 cubic feet.

METALS: Gold lost $3 to $1,332.70 an ounce. Silver dipped 1 cent to $17.89 an ounce. Copper fell 3 cents to $3.04 a pound.

CURRENCIES: The dollar rose to 110.10 yen from 109.34 yen. The euro edged up to $1.1965 from $1.1962. The British pound climbed to $1.3272 from $1.3173, its highest level in a year. That move came after inflation figures came in stronger than analysts expected, which left investors thinking the Bank of England may raise interest rates sooner than they had anticipated.

OVERSEAS: Germany's DAX rose 0.4 percent while the CAC 40 in France gained 0.6 percent. The British FTSE 100 slipped 0.2 percent. In Japan, the Nikkei 225 gained 1.2 percent as the yen weakened again. South Korea's Kospi edged up 0.3 percent and the Hang Seng of Hong Kong was little changed.

___

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Health Care, AP Business - Utilities
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