The latest on developments in financial markets (All times local):
Stocks are posting solid gains in midday trading as banks and industrial companies move higher.
Transportation companies were doing especially well Thursday. Railroad operator CSX jumped 6.5 percent after releasing surprisingly strong earnings.
Makers of basic materials also rose. Paint and coatings maker Sherwin-Williams climbed 3 percent.
Banks gained more ground after more of them reported solid earnings and as bond yields rose, which allows banks to charge higher interest rates on loans.
American Express jumped 5.3 percent after a strong earnings report.
The Standard & Poor’s 500 index added 13 points, or 0.6 percent, to 2,352.
The Dow Jones industrial average rose 141 points, or 0.7 percent, to 20,545. The Nasdaq composite added 41 points, or 0.7 percent, to 5,904.
Stocks are recovering as banks rise with bond yields and interest rates. Investors are also buying consumer-focused companies and small firms, a bet that the U.S. economy will perform well.
Company earnings remain in focus Thursday morning. American Express rose 3.9 percent. It had a solid first quarter as its credit card members spent more and kept bigger balances on their cards.
Telecom giant Verizon dipped 2.2 percent as it lost cellphone subscribers and its profit dropped. Big dividend payers like phone companies also fell as bond yields rose.
The Standard & Poor’s 500 index added 6 points, or 0.3 percent, to 2,344.
The Dow Jones industrial average rose 48 points, or 0.2 percent, to 20,452. The Nasdaq composite added 29 points, or 0.5 percent, to 5,891.
This post was originally written here. We do not claim ownership or liability of the content of this post, or the views expressed therein.