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Markets Right Now: Industrials lead US stocks broadly higher

Last Updated May 19, 2017 at 2:20 pm MDT

The latest on developments in financial markets (All times local):

4:00 p.m.

Industrial companies led U.S. stocks broadly higher, extending the market’s modest gains from the day before.

Investors were cheering solid earnings from several companies Friday. Banks and materials stocks were also up sharply. Energy companies also moved higher as the price of crude oil rose.

Deere & Co. jumped 7 per cent after delivering a strong earnings report, and Chesapeake Energy climbed 4 per cent.

Foot Locker plunged 17 per cent after its profits fell short of analysts’ forecasts.

The Standard & Poor’s 500 index increased 16 points, or 0.7 per cent, to 2,381.

The Dow Jones industrial average gained 141 points, or 0.7 per cent, to 20,804. The Nasdaq composite rose 28 points, or 0.5 per cent, to 6,083.

Indexes still ended the week lower after a big drop on Wednesday.

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11:45 a.m.

U.S. stocks were broadly higher in midday trading as investors cheered solid earnings from several companies.

The rally Friday extended the market’s modest gains from the day before.

Industrials stocks were up the most. Energy companies also rose as the price of crude oil headed higher.

Deere & Co. jumped 7.6 per cent after delivering a strong earnings report, and Chesapeake Energy climbed 3.8 per cent.

Foot Locker plunged 15 per cent after its profits fell short of analysts’ forecasts.

The Standard & Poor’s 500 index increased 18 points, or 0.8 per cent, to 2,383.

The Dow Jones industrial average gained 123 points, or 0.6 per cent, to 20,787. The Nasdaq composite rose 38 points, or 0.6 per cent, to 6,093.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.25 per cent.

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9:35 a.m.

Stocks are edging higher in early trading on Wall Street as traders look over a mixed bag of earnings reports.

Heavy equipment maker Deere & Co. jumped 6.6 per cent in early trading Friday after reporting solid results for its latest quarter.

Foot Locker plunged 15 per cent after its profits fell short of analysts’ forecasts. Campbell Soup also lost 1.6 per cent after turning in disappointing results.

Technology and energy companies rose more than the rest of the market.

The Standard & Poor’s 500 index increased 9 points, or 0.4 per cent, to 2,374.

The Dow Jones industrial average gained 52 points, or 0.3 per cent, to 20,715. The Nasdaq composite rose 32 points, or 0.5 per cent, to 6,088.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.24 per cent.

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