U.S. stocks continue to rise Tuesday as banks move higher along with bond yields. Chemicals company DowDuPont is up after it made changes to its breakup plans, and Apple is wobbling as investors wait for details on the next iPhone. The Standard & Poor’s 500 index finished at an all-time high Monday and other major indexes are also trading above their recent record highs.
KEEPING SCORE: The Standard & Poor’s 500 index rose 7 points, or 0.3 percent, to 2,495 as of 1:05 p.m. Eastern time. The Dow Jones industrial average added 67 points, or 0.3 percent, to 22,124. The Nasdaq composite picked up 15 points, or 0.2 percent, to 6,447. The Russell 2000 index of smaller-company stocks gained 8 points, or 0.6 percent, to 1,423 after the government said job openings and hiring grew in July.
Stocks are coming off their best day since late April. They rose Monday as Hurricane Irma weakened without doing as much damage as some forecasts had predicted last week. Investors were also relieved that tensions between the U.S. and North Korea didn’t get any worse following a national holiday there.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent after it jumped to 2.13 percent Monday. That helped banks, as Bank of America added 59 cents, or 2.5 percent, to $23.95 and U.S. Bancorp gained 97 cents, or 1.9 percent, to $51.86. Companies that pay big dividends lagged the market, as income-seeking investors were drawn to bonds. Utilities and real estate investment trusts took sharp losses.
GOOD CHEMISTRY: DowDuPont, which was formed when two of the world’s largest chemical companies combined in August, made some changes to its breakup plan after activist investors pushed for revisions. The changes will affect its materials science and specialty products units. DowDuPont will ultimately break up into three public companies. One will focus on agriculture, one on material science and one on specialty products. DowDuPont gained $1.53, or 2.3 percent, to $68.38.
JOB OPENINGS: Job openings posted by U.S. employers rose 0.9 percent to 6.2 million in July, the Labor Department said. That’s highest on records dating to 2000. Hiring also increased and more people quit their jobs, which often means they are leaving for jobs that pay better. It’s also a sign the economy should keep growing.
Retailers rose as investors calculated that people will have more money to spend. Gap jumped $1.82, or 7 percent, to $27.76. Victoria’s Secret parent L Brands…