Stocks Rise Broadly as Indexes Hover Around Record Highs | national

By DAMIAN J. TROISE Business Writer AP

Stocks rose broadly in morning Wall Street trading on Thursday and put major indices on track to break record highs.

The S&P 500 was up 0.6% at 10:15 a.m. Eastern time. About 80% of the benchmark’s stocks made gains and it is hovering above the closing record set on Tuesday.

The Dow Jones Industrial Average rose 152 points, or 0.4%, to 35,641 and is also on track to break the closing record set on Tuesday. The Nasdaq rose 0.7%.

Smaller stocks have outperformed the market as a whole, a sign that investors are more confident about economic growth. The Russell 2000 rose 1.4%.

Tech stocks led the gains. KLA, which makes equipment for semiconductor manufacturing, rose 5.7% after beating Wall Street’s profit forecast for the first quarter. Apple, which reports financial results later Thursday, rose 2.1%.

Bond yields edged up. The 10-year Treasury yield fell from 1.53% to 1.56%. Banks, which rely on higher bond yields to charge more lucrative interest on loans, have made solid gains. Bank of America rose 1.5%.

Investors are busy examining another big round of the company’s profits. Ford jumped 9.1% after posting earnings that easily beat analysts’ forecasts and raising its outlook for the full year. Heavy equipment manufacturer caterpillar also rose 2.8% after posting strong results.

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