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Feb 24, 4:12 PM EST

Markets Right Now: Stocks stage late comeback, Dow at record


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

4:00 p.m.

A late burst of buying erased losses in U.S. indexes and left the Dow Jones industrial average with its 11th straight gain and another record close.

The market was down nearly all day Friday before turning higher in the last half-hour of trading.

High-dividend stocks such as utilities and phone companies rose the most. Investors tend to favor those stocks when bond yields are lower and they want less volatile investments.

AT&T rose 1 percent and FirstEnergy gained 3 percent.

The Dow rose 11 points, or 0.1 percent, to end at 20,821. It was down as much as 76 points earlier.

The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 2,367, also a record. The Nasdaq composite climbed 9 points, or 0.2 percent, to 5,845.

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11:45 a.m.

Stocks are moving lower in midday trading on Wall Street, led by declines in banks and energy companies.

Banks were lower Friday as bond yields fell, which forces interest rates lower on mortgages and other kinds of loans. Citigroup lost 1.8 percent.

Hewlett Packard Enterprises slumped 8 percent after the company said its profits will slow this year, and J.C. Penney dropped 9 percent after saying it would close up to 140 stores and two distribution centers.

The Standard & Poor's 500 index lost 6 points, or 0.3 percent, to 2,357.

The Dow Jones industrial average gave back 62 points, or 0.3 percent, to 20,750. The Nasdaq composite dropped 16 points, or 0.3 percent, to 5,819.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.31 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street, led by declines in banks and energy companies.

Banks were lower in early trading Friday as bond yields fell, which will force interest rates lower on loans such as mortgages. Citizens Financial dropped 1.7 percent.

Investors were also looking over company earnings. Hewlett Packard Enterprises slumped 8 percent after the company said it is facing "significant headwinds" that will slow its profits this year.

The Standard & Poor's 500 index lost 10 points, or 0.4 percent, to 2,354.

The Dow Jones industrial average gave back 56 points, or 0.3 percent, to 20,754. The Nasdaq composite dropped 28 points, or 0.5 percent, to 5,807.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.34 percent.

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