Markets Right Now: Banks lead early gains on Wall Street

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

10:55 a.m.

Banks are leading stocks higher in early trading on Wall Street as bond yields rise above their recent lows.

Citigroup rose 1 per cent in morning trading Thursday. Higher bond yields are good for banks because they can earn more income from the bonds they hold and they can charge higher interest rates on loans.

Watch maker Movado jumped 20 per cent after reporting strong earnings last quarter, and Calvin Klein parent company PVH soared 16 per cent after turning in solid results of its own.

The Dow Jones Industrial Average rose 62 points, or 0.2 per cent, to 25,687. The S&P 500 index rose 8 points, or 0.3 per cent, to 2,814.

The Nasdaq rose 25 points, or 0.3 per cent, to 7,668.

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

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9:35 a.m.

Banks are leading stocks higher in early trading on Wall Street as bond yields rise above their recent lows.

Citigroup rose 1 per cent in early trading Thursday. Higher bond yields are good for banks because they can earn more income from the bonds they hold and they can charge higher interest rates on loans.

Watch maker Movado jumped 14 per cent after reporting strong earnings last quarter, and Calvin Klein parent company PVH soared 15 per cent after turning in solid results of its own.

The Dow Jones Industrial Average rose 59 points, or 0.2 per cent, to 25,682. The S&P 500 index rose 3 points, or 0.1 per cent, to 2,821.

The Nasdaq edged up 7 points, or 0.1 per cent, to 7,698.

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