Markets Right Now: Banks lead stock indexes broadly higher

NEW YORK (AP) " The latest on developments in financial markets (All times local):

4:00 p.m.

Banks and other financial companies led a rally on Wall Street after President Trump took steps to scale back financial industry regulations.

JPMorgan Chase rose 3.1 percent Friday. Goldman Sachs jumped 4.6 percent.

Traders were also encouraged by news of a pickup in hiring last month.

Small-company stocks, which stand to reap outsized benefits from faster economic growth, also rose sharply.

The gains put the Nasdaq composite at another all-time high.

The Standard & Poor's 500 index rose 16 points, or 0.7 percent, to 2,297.

The Dow Jones industrial average rose 186 points, or 0.9 percent, to 20,071. The Nasdaq increased 30 points, or 0.5 percent, to 5,666.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.48 percent.

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11:45 a.m.

Stocks rose in midday trading after the government reported that U.S. employers stepped up their hiring last month.

The gain of 227,000 jobs in January was the biggest increase since September, the Labor Department reported early Friday.

Bank and financial stocks rose after President Donald Trump took a first step in scaling back post-crisis financial industry regulations. Goldman Sachs jumped 4 percent and JPMorgan rose 2.5 percent.

The Standard & Poor's 500 index rose 13 points, or 0.6 percent, to 2,294.

The Dow Jones industrial average rose 160 points, or 0.8 percent, to 20,045. The Nasdaq composite increased 1 points, or 0.3 percent, to 5,651.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.43 percent.

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9:35 a.m.

Stocks rose in early trading after the government reported that U.S. employers stepped up their hiring last month.

The gain of 227,000 jobs in January was the biggest increase since September, the Labor Department reported early Friday.

The unemployment rate also edged higher because more Americans were looking for work.

Visa jumped 4 percent in early trading after the giant payment processing company reported earnings and revenue that easily beat analysts' forecasts.

The Standard & Poor's 500 index rose 9 points, or 0.4 percent, to 2,290.

The Dow Jones industrial average rose 101 points, or 0.5 percent, to 19,983. The Nasdaq composite increased 18 points, or 0.3 percent, to 5,654.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.45 percent.

This story has been automatically published from the Associated Press wire which uses US spellings

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