Markets Right Now: US stocks gain, ending 2Q higher

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

4:00 p.m.

U.S. stocks surrendered most of an early rise but still finished slightly higher Friday, closing out the second quarter with small gains.

Athletic apparel maker Nike jumped 11.1 percent after it said North American sales improved. It will also buy back $15 billion in stock.

General Motors fell 2.8 percent after it said it may face retaliation and have to cut U.S. jobs if the Trump administration puts tariffs on imported cars.

The S&P 500 index added 2 points, or 0.1 percent, to 2,718. The Dow Jones Industrial Average, which was up as much as 293 points, rose 55 points, or 0.2 percent, at 24,271. The Nasdaq composite gained 6 points, or 0.1 percent, to 7,510.

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11:55 a.m.

U.S. stocks are rising Friday at midday as banks jump. Major indexes are on track to close out the second quarter with small gains.

The Federal Reserve said most of the largest U.S. banks can buy back more stock and raise their dividends. Wells Fargo, which announced a $24.5 billion stock repurchase, jumped 5.7 percent and Citigroup rose 2.1 percent.

Athletic apparel maker Nike jumped 11.6 percent after it said North American sales improved. It will also buy back $15 billion in stock.

The S&P 500 index added 21 points, or 0.8 percent, to 2,738. The Dow Jones Industrial Average rose 239 points, or 1 percent, to 24,455. The Nasdaq composite gained 43 points, or 0.6 percent, to 7,5547

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9:35 a.m.

U.S. stocks are rising Friday morning as banks jump. Major indexes are on track to close out the second quarter with small gains.

The Federal Reserve said most of the largest U.S. banks can buy back more stock and raise their dividends. Wells Fargo, which announced a $24.5 billion stock repurchase, jumped 5 percent and Citigroup rose 2 percent.

Athletic apparel maker Nike jumped 11 percent after it said North American sales improved. It will also buy back $15 billion in stock.

The S&P 500 index added 13 points, or 0.5 percent, to 2,730. The Dow Jones Industrial Average rose 164 points, or 0.7 percent, to 24,384. The Nasdaq composite gained 45 points, or 0.6 percent, to 7,549.

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