Stocks Rise as Banks Climb
NEW YORK (AP) -- U.S. stocks continue to rise Tuesday morning as banks move higher along with bond yields. Chemicals company DowDuPont is up after it made changes to its breakup plans, and Apple is wobbling as investors wait for details on the next iPhone. The Standard & Poor's 500 index finished at an all-time high Monday and other major indexes are also trading above their recent record highs.
KEEPING SCORE: The Standard & Poor's 500 index rose 5 points, or 0.2 percent, to 2,493 as of 10 a.m. Eastern time. The Dow Jones industrial average added 66 points, or 0.3 percent, to 22,123. The Nasdaq composite picked up 4 points, or 0.1 percent, to 6,436. The Russell 2000 index of smaller-company stocks gained 3 points, or 0.3 percent, to 1,418.
Stocks are coming off their best day since late April. They rose Monday as tensions between the U.S. and North Korea didn't get any worse, and Hurricane Irma weakened without doing as much damage as some forecasts had suggested last week.
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GOOD CHEMISTRY: DowDuPont, which was formed when two of the world's largest chemical companies combined in August, made some changes to its breakup plan after activist investors pushed for revisions. The changes will affect its materials science and specialty products units. DowDuPont will ultimately break up into three public companies. One will focus on agriculture, one on material science and one on specialty products. DowDuPont gained $2.07, or 3.1 percent, to $68.92.
ANSWER THE CALL: Apple is holding an event Tuesday afternoon and investors expect details on the 10th-anniversary edition of the iPhone. True to its history, the company hasn't given many details about the new version of the phone. But the iPhone is the source of most of Apple's revenue and expectations from fans and investors are high. Apple slid 35 cents to $161.15.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.16 percent after it jumped to 2.13 percent Monday. That helped banks, as Bank of America added 34 cents, or 1.4 percent, to $23.70 and U.S. Bancorp gained 66 cents, or 1.3 percent, to $51.54.
ENERGY: Benchmark U.S. crude dipped 1 cent to $48.06 a barrel in New York. Brent crude, the standard for international oil prices, added 29 cents to $54.13 a barrel in London.
CURRENCIES: The dollar rose to 110.02 yen from 109.34 yen. The euro fell to $1.1945 from $1.1962. The British pound climbed to $1.3252 from $1.3173, its highest level in a year. That move came after inflation figures came in stronger than analysts expected, which left investors thinking the Bank of England may raise interest rates sooner than they had anticipated.
OVERSEAS: Germany's DAX rose 0.6 percent while the CAC 40 in France was 0.7 percent higher. The British FTSE 100 dipped 0.3 percent. In Japan, the Nikkei 225 gained 1.2 percent as the yen weakened again. South Korea's Kospi edged up 0.3 percent and the Hang Seng of Hong Kong was little changed.
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