Markets Right Now: Tech, banks lead gains on US stocks

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

9:35 a.m.

Technology companies and banks are leading stocks higher in early trading on Wall Street.

Facebook added 1.5 per cent early Wednesday as the tech sector continued to rebound. Apple and Microsoft each rose about 1 per cent.

Bank stocks rose along with bond yields and as investors expect interest rates to continue to rise. That will help banks make more money by charging higher interest rates on loans. Bank of America rose 1.9 per cent and JPMorgan Chase gained 1.3 per cent.

The Standard & Poor’s 500 index rose 10 points, or 0.4 per cent, to 2,507.

The Dow Jones industrial average increased 75 points, or 0.3 per cent, to 22,359. The Nasdaq composite rose 50 points, or 0.8 per cent, to 6,431.