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Markets Right Now: Stocks rise sharply, Dow over 21,000

NEW YORK (AP) — The latest on developments in financial markets (All times local):

4:00 p.m.

Banks and other financial companies led U.S. stocks sharply higher, pushing the Dow Jones industrial average above 21,000 points for the first time.

Wednesday's gain was the biggest for the blue-chip index so far this year.

Energy companies also rose. Bank of America rose 3.8 percent and ConocoPhillips rose 3.1 percent.

The rally came a day after President Donald Trump reaffirmed plans to cut taxes and push for other business-friendly policies.

Bond prices fell and yields rose after New York Federal Reserve President William Dudley said the case for raising interest rates had gotten stronger.

The Dow jumped 303 points, or 1.5 percent, to 21,115.

The Standard & Poor's 500 index gained 32 points, or 1.4 percent, to 2,395. The Nasdaq composite increased 78 points, or 1.4 percent, to 5,904.

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11:45 a.m.

Banks and other financial companies led U.S. stocks sharply higher, pushing the Dow Jones industrial average above 21,000 points for the first time.

Energy and materials companies were also among the big gainers Wednesday.

The rally came a day after President Donald Trump reaffirmed plans to cut taxes and push for other business-friendly policies.

JPMorgan Chase rose 3.2 percent and Exxon Mobil rose 2.1 percent, the biggest increases in the Dow.

Bond prices fell and yields rose after New York Federal Reserve President William Dudley said the case for raising interest rates had gotten stronger.

The Dow rose 256 points, or 1.2 percent, to 21,070.

The Standard & Poor's 500 index gained 29 points, or 1.2 percent, to 2,392. The Nasdaq composite increased 66 points, or 1.1 percent, to 5,891.

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9:35 a.m.

Stocks opened strongly higher on Wall Street, led by big gains in banks as investors expected interest rates to rise.

The early jump Wednesday put the Dow Jones industrial average above 21,000 points for the first time.

JPMorgan Chase rose 2.6 percent and Goldman Sachs rose 2.1 percent, the biggest increases in the Dow.

Bond prices fell and yields rose after a Federal Reserve official, New York Fed President William Dudley, said the case for raising interest rates had gotten stronger.

The Dow rose 195 points, or 1 percent, to 21,016.

The Standard & Poor's 500 index rose 20 points, or 0.9 percent, to 2,384. The Nasdaq composite increased 48 points, or 0.8 percent, to 5,874.

The yield on the 10-year Treasury note rose to 2.45 percent.