Stocks rise as bond yields buoy financials; oil drops 2 New York

Friday 1440/11/9 - 2019/07/12
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On Wall Street, the Dow Jones Industrial Average rose 227.88 points, or 0.85%, to 27,088.08, the S&P 500 gained 6.84 points, or 0.23%, to 2,999.91 and the Nasdaq Composite dropped 6.49 points, or 0.08%, to 8,196.04.
U.S. shares had previously hit record highs after Federal Reserve Chairman Jerome Powell confirmed the U.S. central bank stood ready to "act as appropriate" in response to risks to the U.S.
U.S. corporate earnings season begins in earnest next week, with large banks such as Citigroup Inc and JPMorgan Chase & Co reporting results.
In fixed-income markets, benchmark 10-year U.S. Treasury notes last fell 22/32 in price to yield 2.1361%, from 2.061% late on Wednesday.
Data showing the biggest gain in U.S. underlying consumer prices in 1-1/2 years also contributed to gains in Treasury yields. The data did not change expectations for a rate cut from the Fed, however.
The dollar index, which measures the greenback against a basket of six major currencies, dipped slightly amid prospects for a Fed rate cut, though the strong U.S. inflation data capped its losses. It was last down 0.04%. The Japanese yen and the euro were near flat against the dollar.
Spot gold fell 0.90% to $1,406.04 an ounce on stronger-than-expected U.S. inflation data.
00:51 LOCAL TIME 21:51 GMT