Apple leads tech stocks; banks climb

By Associated Press

U.S. stocks are rising at the opening bell as Apple surges following a strong quarterly report.

Banks are jumping Wednesday as a strong report on private company hiring sends interest rates higher.

Apple jumped 4.3 percent after it beat Wall Street’s expectations in its fiscal third quarter and forecast better-than-expected sales.

Bond yields climbed after a survey by payroll processor ADP said private U.S. businesses added 219,000 jobs in July. The yield on the 10-year Treasury note rose to 3.01 percent.

Bank of America gained 1.5 percent.

S&P 500 rose 6 points, or 0.2 percent, to 2,822.

The Dow rose 19 points, or 0.1 percent, to 25,435. The Nasdaq composite gained 36 points, or 0.5 percent, to 7,708.

This article provided by NewsEdge.