NEW YORK (AP) – U.S. stocks are jumping along with bond yields Wednesday morning, and technology companies continue to recover some of their recent losses. Athletic gear giant Nike is falling as investors are concerned about its U.S. business.
KEEPING SCORE: The Standard & Poor’s 500 index jumped 7 points, or 0.3 percent, to 2,504 as of 10 a.m. Eastern time. The Dow Jones industrial average rose 67 points, or 0.3 percent, to 22,351. The Nasdaq composite advanced 45 points, or 0.7 percent, to 6,425. The Russell 2000 index, which is made up of smaller-company stocks, continued to set records as it gained 8 points, or 0.6 percent, to 1,465.
FED FOCUS: Investors bet that interest rates will keep rising. Tuesday afternoon, Fed Chair Janet Yellen said the central bank will be careful not to raise interest rates too slowly even though inflation has long been weaker than the Fed expects. Investors currently think the Fed will raise rates again in December, and Yellen and other policymakers say they plan to raise rates several more times in 2018.
The yield on the 2-year Treasury note rose to 1.47 percent from 1.45 percent. The yield on the 10-year note climbed to 2.30 percent from 2.24 percent. That helped banks, as higher interest rates mean they can charge more to lend money. Bank of America picked up 55 cents, or 2.2 percent, to $25.37 and Citigroup rose $1.59, or 2.2 percent, to $72.51.
CURRENCIES: The dollar also got stronger. It rose to 113.07 yen from 112.17 yen. The euro fell to $1.1724 from $1.1798.