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Banks tug the stock market higher at midday, offsetting declines in retailers
NEW YORK, N.Y. – Banks are tugging the stock market higher at midday after two days of big declines.
The gains offset broad declines in retailers such as Nordstrom, Macy’s, and J.C. Penney, which have been pummeled this week on worries that U.S. shoppers might be pulling back on spending.
The Standard & Poor’s 500 index edged up less than one point, or 0.03 per cent, to 1,662 shortly after 12 p.m. Friday. The Dow Jones industrial average rose eight points, or 0.1 per cent, to 15,120. The Nasdaq gained 12 points, or 0.3 per cent, to 3,617.
The yield on the 10-year Treasury note rose to 2.81 per cent, its highest level since July 2011.
Banks, which benefit from higher interest rates, were among the best-performers. Bank of America rose 13 cents, or 1 per cent, to $14.46.
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