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Markets Right Now: Banks, technology companies rise

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

11:45 a.m.

Stocks are rising as banks bounce back from their recent losses and technology companies gain ground.

Bank of America rose 1.6 percent and Citigroup picked up 1.1 percent on Wednesday.

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Technology companies rose for the third consecutive day. Chipmaker Analog Devices rose 3.7 percent after a strong third-quarter report.

Tax preparer H&R Block gave up 8.2 percent after it said it’s not planning any big cost cuts this year.

The Commerce Department said the U.S. economy grew 3 percent in the second quarter, more than previously estimated. That’s the fastest pace in two years.

The Standard & Poor’s 500 index rose 6 points, or 0.3 percent, to 2,452.

The Dow Jones industrial average lost 1 point to 21,863. The Nasdaq composite climbed 36 points, or 0.6 percent, to 6,338.

____

9:35 a.m.

Stocks are opening flat as global markets recovered their poise a day after concerns about North Korea’s latest missile launch spooked investors.

Technology companies are making some of the biggest gains Wednesday. Chipmaker Analog Devices rose 4.5 percent after a strong third-quarter report.

U.S. crude oil dropped 31 cents to $46.13 a barrel and energy companies continued to fall.

The Commerce Department said the U.S. economy grew 3 percent in the second quarter, more than it previously thought. That’s the fastest growth in two years.

The Standard & Poor’s 500 index slipped 1 point to 2,445.

The Dow Jones industrial average was up 1 point at 21,866. The Nasdaq composite rose 10 points, or 0.2 percent, to 6,312.

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