US stocks rise in late morning trading in shortened session
NEW YORK (AP) — Stocks are rising in late morning trading Friday as the market continues a record-setting run. Trading was relatively quiet as investors returned from the Thanksgiving holiday in the U.S. Safe-play stocks like utilities and phone companies were among the biggest winners in the early going. Banks fell.
KEEPING SCORE: The Dow Jones industrial average rose 51 points, or 0.3 percent, to 19,134 at 11:08 a.m. Eastern time. The Standard and Poor’s 500 index rose 5 points, or 0.2 percent, to 2,210. The Nasdaq composite rose 8 points, or 0.2 percent, to 5,388. Stock trading will close at 1:00 p.m. Eastern time Friday.
BROAD RALLY: Ten of 11 sectors of the S&P 500 rose in a broad rally led by utilities, which rose 1.6 percent. Utilities are up 8 percent so far this year. Energy companies fell along with the price of oil.
MORE RECORDS? The Dow and S&P 500 have risen sharply since the presidential election in anticipation that plans by President-elect Donald Trump to slash taxes, reduce regulations and spend on infrastructure will speed economic growth and corporate profits will rise. Those two major indexes have hit new all-time highs in recent days.
EUROPE’S DAY: Britain’s FTSE 100 rose 0.2 percent and France’s CAC 40 rose 0.1 percent. Germany’s DAX fell 0.1 percent.
ASIA HIGHER: Japan’s Nikkei 225 finished 0.3 percent higher. South Korea’s Kospi edged up 0.2 percent. Hong Kong’s Hang Seng index rose 0.5 percent. Stocks in Australia, Taiwan, Singapore and other Southeast Asian markets also advanced.
OIL SLIPS: Analysts said oil prices will be reacting to whether OPEC members reach an agreement on meaningful output cuts during their meeting next week. Benchmark U.S. crude fell $1.20 to $46.78 per barrel in New York. Brent crude, used to price international oils, shed $1.24 to $47.77 in London.
CURRENCIES: The dollar remained at a more than eight-year high against the Chinese yuan, which was trading at 6.9145 yuan per dollar. The dollar fell against the Japanese yen, to 112.99 yen from 113.69 yen, while the euro strengthened to $1.0611 from $1.0547.
BONDS: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent from 2.35 percent a day earlier.
AP Business Writer Youkyung Lee contributed from Seoul, South Korea