NEW YORK (AP) — U.S. stocks opened higher again, setting the market up to extend its winning streak to a fifth week and erasing most of the year’s early losses.
Financial stocks led Friday after JP Morgan Chase and Bank of America announced plans to buy back their own shares. JP Morgan rose 3 percent.
The price of oil rose again, lifting energy stocks.
The Dow Jones industrial average rose 58 points, or 0.3 percent, to 17,540 as of 9:35 a.m. Eastern time.
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The Standard & Poor’s 500 index rose 6 points, or 0.3 percent, to 2,046, and it is now up slightly for the year. The Nasdaq composite rose 14 points, or 0.3 percent, to 4,789.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.88 percent.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
Global stocks rose Friday as the Federal Reserve’s decision to keep interest rates unchanged and to moderate the pace of rate hikes underpinned sentiment.
KEEPING SCORE: Britain’s FTSE 100 rose 0.4 percent to 6,223 and Germany’s DAX was up 0.3 percent at 9,918. France’s CAC 40 added 0.3 percent to 4,458. Wall Street was set for modest gains at the open with Dow futures and the broader S&P 500 futures up 0.3 percent.
FED FALLOUT: The Fed’s suggestion Wednesday that U.S. interest rates may not rise as many in the markets had anticipated has helped shore up risk appetite in markets despite concerns over the global economy.
ANALYST TAKE: “Investors have also shown greater enthusiasm for equities and other riskier assets in recent days due, in part, to central bank easing,” said Fawad Razaqzada, a technical analyst at Forex.com. “The Fed has turned less hawkish, too and now only envisages two rate rises in 2016 as opposed to four back in December. The prospects of lower rates for longer and continued recovery in the oil price, means stocks could climb further higher in the short-term.”
ASIA’S DAY: Japan’s Nikkei 225 fell 1.3 percent to 16,724.81 while South Korea’s Kospi added 0.2 percent to 1,992.12. Hong Kong’s Hang Seng index rose 0.8 percent to 20,671.63. The Shanghai Composite index in mainland China rose 1.7 percent to 2,955.15 while Australia’s S&P/ASX 200 gained 0.3 percent to 5,183.10. Stocks in Taiwan, Singapore and Indonesia were higher.
OIL: The benchmark New York crude rate was up 64 cents a barrel at $42.30 a barrel while the international standard, Brent, rose 87 cents to $42.41.
CURRENCIES: The euro was down 0.3 percent at $1.1286 while the dollar rose 0.2 percent to 11.52 yen.