Markets Right Now: Stocks open higher on Wall Street

Markets Right Now: Stocks open higher on Wall Street
FILE- In this April 24, 2018, file photo, a sign for a Wall Street building is shown in New York. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, May 30. (AP Photo/Mark Lennihan, File)

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

9:35 a.m.

Hopes that new elections in Italy can be avoided helped send stocks broadly higher in the U.S. and Europe.

The gains early Wednesday on Wall Street erased about half of the market’s losses from a day earlier, when investors worried that an impasse in Italian politics could destabilize the euro.

Banks, which took heavy losses the day before, rebounded. JPMorgan Chase added 1.5 percent. U.S. banks were benefiting from a turn higher in bond yields, which allows them to charge higher interest rates on loans.

The S&P 500 index rose 16 points, or 0.6 percent, to 2,706.

The Dow Jones industrial average rose 162 points, or 0.6 percent, to 24,517. The Nasdaq climbed 34 points, or 0.5 percent, to 7,431.

The yield on the 10-year Treasury rose to 2.85 percent.