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Banks rally and lead US stocks higher than the 2nd quarter ends



U.S. Stocks rise Friday morning as banks settle after
Federal Reserve
approved their plans to increase their dividends and repurchase more shares.
Wells Fargo
jumps after it says it will buy back $ 24.5 billion in stock. Nike climbs after posting strong results in its final quarter, including improved sales in North America. Stocks fell this week, but are on their way to ending the second quarter with small gains.

MARKING: The
S & P 500
Index jumped 1

8 points, or 0.7 percent, to 2,734 from 10 o'clock Eastern time. The Dow Jones Industrial Average gained 218 points or 0.9 percent to 24,434 points. The
Nasdaq
Composite rose 53 points or 0.7 percent to 7,557. The Russell 2000 index of smaller company shares rose 7 percentage points, or 0.5 percent, to 1,652.

This quarter, equities were hit by rising concerns over US-China trade disputes and
European Union
Canada and Mexico. As a result, after a very strong first round of corporate reports, equities did not make big profits. The S & P 500 has risen 3.6 percent since the beginning of April, after a small loss in the first quarter and Dow Industries up 1.5 percent. However, the Nasdaq has risen 7 percent and Russell 8 percent, and both have recently reached record highs as investors believe technology companies and smaller US-focused companies are a safe haven in the trading tensions. The Federal Reserve allows 32 of the 35 largest Banks in the US increase their quarterly dividends and buy back more shares. The central bank noted that the institutions are financially well placed to defy a sharp slowdown.

Wells Fargo gained 5.2 percent to $ 56.40 and Citigroup gained 1.89 percent to $ 68.14. Banks that were not allowed to increase their dividends and repurchases remained behind. Goldman Sachs remained flat at $ 223.43 and Morgan Stanley rose 0.3% to $ 48.45.

JUST DID IT: Nike has been on its way for more than four years after fourth-quarter earnings jumped over Wall Street forecasts. The company said North American sales had grown after several quarters of decline, and the company said it would buy back $ 15 billion worth of shares over the next four years. He rose 11.6 percent to $ 80.03.

ENERGY: Energy companies and oil prices continued to rise. Benchmark US crude rose 0.9 percent in New York to $ 74.09 a barrel. It rose 14 percent in the second quarter and has been trading at its highest since late 2014. The S & P 500 index of energy companies also gained 14 percent this quarter, far better than the rest of the market.

Brent Crude, formerly International oil prices rose 1.6 percent in London to $ 78.88 a barrel.

BONDS: The bond prices eased. The 10-year Treasury yield rose from 2.84 percent to 2.85 percent.

CURRENCIES: The dollar rose from 110.64 yen to 110.76 yen. The Euro rose from $ 1.1555 to $ 1.1637

OVERSEAS: France's CAC 40 gained 1.4 percent and the German DAX gained 1.5 percent after a resolution threat put pressure on the coalition government
Angela Merkel
. Britain's FTSE 100 added 0.7 percent.

Japan's benchmark Nikkei 225 improved 0.2 percent. South Korea's Kospi rose by 0.5 percent and Hong Kong's Hang Seng by 1.6 percent.

___

AP Markets Writer Marley Jay is available at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

Copyright 2018 The Associated Press , All rights reserved. This material may not be published, transmitted, rewritten or redistributed.


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