Markets Right Now: Banks lead stock indexes broadly higher

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

4:00 p.m.

Banks and other financial companies led a rally on Wall Street after President Trump took steps to scale back financial industry regulations.

JPMorgan Chase rose 3.1 per cent Friday. Goldman Sachs jumped 4.6 per cent.

Traders were also encouraged by news of a pickup in hiring last month.

Small-company stocks, which stand to reap outsized benefits from faster economic growth, also rose sharply.

The gains put the Nasdaq composite at another all-time high.

The Standard & Poor’s 500 index rose 16 points, or 0.7 per cent, to 2,297.

The Dow Jones industrial average rose 186 points, or 0.9 per cent, to 20,071. The Nasdaq increased 30 points, or 0.5 per cent, to 5,666.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.48 per cent.

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11:45 a.m.

Stocks rose in midday trading after the government reported that U.S. employers stepped up their hiring last month.

The gain of 227,000 jobs in January was the biggest increase since September, the Labor Department reported early Friday.

Bank and financial stocks rose after President Donald Trump took a first step in scaling back post-crisis financial industry regulations. Goldman Sachs jumped 4 per cent and JPMorgan rose 2.5 per cent.

The Standard & Poor’s 500 index rose 13 points, or 0.6 per cent, to 2,294.

The Dow Jones industrial average rose 160 points, or 0.8 per cent, to 20,045. The Nasdaq composite increased 1 points, or 0.3 per cent, to 5,651.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.43 per cent.

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9:35 a.m.

Stocks rose in early trading after the government reported that U.S. employers stepped up their hiring last month.

The gain of 227,000 jobs in January was the biggest increase since September, the Labor Department reported early Friday.

The unemployment rate also edged higher because more Americans were looking for work.

Visa jumped 4 per cent in early trading after the giant payment processing company reported earnings and revenue that easily beat analysts’ forecasts.

The Standard & Poor’s 500 index rose 9 points, or 0.4 per cent, to 2,290.

The Dow Jones industrial average rose 101 points, or 0.5 per cent, to 19,983. The Nasdaq composite increased 18 points, or 0.3 per cent, to 5,654.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.45 per cent.