Wednesday, May 15, 2019 2:10 pm
Stocks turn higher on trade hopes
NEW YORK -- Stocks have shaken off an early slump and are higher in midday trading as hopes build that trade tensions may ease.
Major carmakers turned higher Wednesday following media reports that the U.S. is planning to delay new tariffs on car and auto-part imports from Europe.
Ford and Fiat Chrysler rose 1%. General Motors rose 0.5%.
Banks were still lower following a steep drop in bond yields. Bank of America fell 1%.
The S&P 500 index rose 19 points, or 0.7%, to 2,854.
The Dow Jones Industrial Average rose 146 points, or 0.6%, to 25,680. The Nasdaq rose 89 points, or 1.1%, to 7,823.
Bond prices rose. The yield on the 10-year Treasury fell to 2.39%.