Markets Right Now: Consumer confidence gain sends stocks up

By The Associated Press

The latest on developments in financial markets (All times local):

11:45 a.m.

Stocks are posting solid gains after a report showed consumer confidence climbed to its highest level in more than 16 years.

The report Tuesday from the Conference Board put investors in a buying mood. The gains were broad and seemed poised to end an 8-day losing streak for the Dow Jones industrial average.

Darden Restaurants, owner of Olive Garden, gained 8 per cent after reporting strong earnings and an acquisition. Software company Red Hat rose 5.5 per cent after reporting results that beat analysts’ expectations.

The Standard & Poor’s 500 index climbed 12 points, or 0.5 per cent, to 2,353.

The Dow Jones industrial average rose 96 points, or 0.5 per cent, to 20,648. The Nasdaq composite increased 19 points, or 0.3 per cent, to 5,859.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street, while energy companies rose along with the price of crude oil.

Newfield Exploration rose 1.3 per cent in the first few minutes of trading Tuesday.

Industrial companies were lower. Northrop Grumman fell 0.5 per cent.

Darden Restaurants, owner of Olive Garden, gained 6 per cent and software company Red Hat rose 5 per cent after reporting results that beat analysts’ expectations.

The Standard & Poor’s 500 index edged up 1 point to 2,342.

The Dow Jones industrial average was little changed at 20,548. The Nasdaq composite rose 5 points, or 0.1 per cent, to 5,845.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 per cent.

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