Good Afternoon
Good Afternoon

U.S. stocks up strongly, and so are bonds

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange at the start of the trading day on Wall Street on June 27, 2016. Credit: EPA / Andrew Gombert

Companies that make packaged foods and other consumer goods led a broad rise in U.S. stocks Thursday afternoon, extending a rally into a third day. Investors also continued to drive U.S. bond prices higher, a sign that some traders remain cautious about the possible ramifications of Britain’s vote to leave the European Union.

ON WALL STREET. In midafternoon, the Dow Jones industrial average was up 189.3 points, about 1.1 percent, to 17,884. The Standard & Poor’s 500 index gained 21.2 points, about 1 percent, to 2,092.1. The Nasdaq composite climbed 45.4 points, about 1 percent, to 4,825.1.

OIL PRICES. At midafternoon, the price of U.S. benchmark crude oil fell $1.52 to $48.36 a barrel in trading on the New York Mercantile Exchange. In London, the price of Brent crude, the international standard, was down 89 cents at $49.72 a barrel.

THE MOVERS. Bank stocks rose broadly in early trading Thursday after getting clearance from the Federal Reserve to raise their dividends and buy back shares. Many of them announced plans to do so immediately after the Fed’s announcement late Wednesday.

Lions Gate Entertainment, which owns the “Orange Is The New Black” Netflix series, jumped 10 percent after announcing it would buy the cable channel Starz.

ANALYST’S OPINION. “The Brexit is only four market days old, and equities are right back where they’ve been all year -- running sideways, a report from DBS Bank in Hong Kong said of the vote in Great Britain to leave the European Union.

More news