Markets Right Now: S&P 500 closes just short of record high

NEW YORK – The latest on developments in financial markets (All times local):

4:00 p.m.

Major U.S. stock indexes are closing with solid gains, bringing the Standard & Poor’s 500 and another key index just short of setting all-time highs.

Companies that make basic materials and consumer-focused stocks like retailers posted the biggest gains Wednesday.

Automakers Ford and General Motors each rose 5 per cent after posting strong December sales numbers. Gap rose 3 per cent.

The Dow Jones industrial average rose 60 points, or 0.3 per cent, to 19,942.

The S&P 500 gained 12 points, or 0.6 per cent, to 2,270, one point short of its record high close from last month.

The Nasdaq composite rose 47 points, or 0.9 per cent, to 5,477.

The Russell 2000 index of small-company stocks rose 1.6 per cent and was just shy of its own all-time high close.

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11:45 a.m.

Consumer-focused companies are leading U.S. market indexes higher in midday trading.

General Motors and Ford are jumping after reporting their December sales, and vehicle suppliers are also trading higher. GM and Ford each rose 5 per cent.

Retailers are rising as the market builds on its gains from the day before. Gap also gained 5 per cent.

The Dow Jones industrial average rose 36 points, or 0.2 per cent, to 19,918.

The Standard & Poor’s 500 index gained 10 points, or 0.5 per cent, to 2,268. The Nasdaq composite rose 40 points, or 0.8 per cent, to 5,470.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.45 per cent.

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9:35 a.m.

U.S. stocks are opening higher, putting them on track for a second straight day of gains, as investors continue to buy companies that stand to benefit if the economy keeps growing and consumers continue to spend.

Consumer-focused companies are rising Wednesday morning, and retailer Gap is climbing 4 per cent.

Companies that mine for metals and make basic materials were also trading higher. Gold and copper producer Freeport-McMoRan rose 2 per cent.

General Motors is up 2 per cent. Ford is also up almost 2 per cent.

The Dow Jones industrial average rose 49 points, or 0.2 per cent, to 19,931.

The Standard & Poor’s 500 index gained 8 points, or 0.4 per cent, to 2,266. The Nasdaq composite rose 24 points, or 0.5 per cent, to 5,455.