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Stocks drift higher; Banks gain as rates rise

Stocks edge higher, led by financial sector as long-term interest rates rise

Posted on June 17, 2014 at 4:17 p.m.

Stocks are closing slightly higher, led by gains in the financial sector.

Banks including Bank of America and Morgan Stanley rose Tuesday as long-term interest rates moved higher. That gave banks the prospect of earning more money from making loans.

The Dow Jones industrial average increased 27 points, or 0.2 percent, to close at 16,808. Goldman Sachs rose the most of the 30 stocks in the index.

The Standard & Poor’s 500 index rose four points, or 0.2 percent, to 1,941. The Nasdaq rose 16 points, or 0.4 percent, to 4,337.

Bond prices fell after the government reported that consumer prices rose in May by the most in more than a year. The yield on the 10-year Treasury note rose to 2.65 percent.




 In this June 30, 2014 photo, Dallas County Commissioner John Wiley Price answers a question during a news conference called by Dallas County Department of Health and Human Services Director Zachary Thompson, rear, in Dallas. The FBI, on Friday, July 25, 2014 arrested Price, whose home was raided by federal agents in a 2011 money laundering investigation. (AP Photo/The Dallas Morning News, Evans Caglage)  MANDATORY CREDIT; MAGS OUT; TV OUT; INTERNET USE BY AP MEMBERS ONLY; NO SALES
Updated on July 25, 2014 at 10:49 a.m.

Updated on July 25, 2014 at 12:00 a.m.
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