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Markets Right Now: Banks lead stocks higher on Wall Street

NEW YORK — 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 per cent and Wells Fargo rose 1.5 per cent 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 per cent , to 2,274.

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

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

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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 per cent and Wells Fargo rose 2 per cent 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 per cent , to 19,913. The Standard & Poor's 500 index climbed 6 points, or 0.3 per cent , to 2,277.

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

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

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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 per cent 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 per cent after releasing a strong revenue forecast.

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

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

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

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