Solid Economic Reports Send US Stocks Higher

Stocks are closing slightly higher following some solid reports on hiring and the services sector, the AP reports. Bond prices plunged Wednesday, sending the yield on the 10-year Treasury note to its highest level in more than seven years. Banks, small company-stocks and big technology names posted outsized gains. Bank of America rose 1.4%. High-dividend stocks fell sharply as investors seeking income shifted money out of them and into bonds. Procter & Gamble fell 1.6%. The S&P 500 rose 2 points, or 0.1%, to 2,925. The Dow Jones Industrial Average rose 54 points, or 0.2%, to 26,828, another record. The Nasdaq composite climbed 25 points, or 0.3%, to 8,025. The yield on the 10-year Treasury jumped to 3.16%, up sharply from 3.05% a day earlier. (More stock market stories.)