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Markets Right Now: Stocks close out rocky quarter with gains

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. Stocks are closing out a rocky second quarter with solid gains as banks led indexes higher. Bank of America climbed 2.8% Friday and JPMorgan Chase added 2.7%. The industry rose after the Federal Reserve gave the country's 18 biggest banks permission to pay more dividends and buy back more of their own stock.

Progress Software jumped 11.1% after reporting earnings that beat analysts' forecasts. The S&P 500 index rose 16 points, or 0.6%, to 2,941. The benchmark index ended a roller-coaster second quarter with a gain of 3.8%. It's up 17.3% for the year.

The Dow Jones Industrial Average rose 73 points, or 0.3%, to 26,599. The Nasdaq added 38 points, or 0.5%, to 8,006. Bond prices didn't move much. The yield on the 10-year Treasury held steady at 2%.

11:45 a.m.

Banks are leading stocks higher in midday trading on Wall Street after the Federal Reserve gave many of them permission to raise their dividends and buy back more stock.

JPMorgan Chase and Bank of America each rose 2.8% Friday.

The Federal Reserve late Thursday approved the plans by the country's 18 biggest banks to return more money to shareholders. The approvals were part of the Fed's annual checkup of the banking system.

Progress Software jumped 11.1% after reporting earnings that easily beat analysts' forecasts.

The S&P 500 rose 9 points, or 0.3%, to 2,934.

The Dow Jones Industrial Average rose 59 points, or 0.2%, to 26,584. The Nasdaq added 22 points, or 0.3%, to 7,990.

Bond prices didn't move much. The yield on the 10-year Treasury held steady at 2%.

9:35 a.m.

Banks were leading stocks higher in early trading on Wall Street after the Federal Reserve gave many of them permission to raise dividends and buy back more stock.

Bank of America jumped 3.5% early Friday and JPMorgan Chase climbed 3.1%.

The Federal Reserve late Thursday approved the plans by the country's 18 biggest banks to return more money to shareholders. The approvals were part of the Fed's annual checkup of the banking system.

Progress Software jumped 15% after reporting earnings that easily beat analysts' forecasts.

The S&P 500 rose 10 points, or 0.4%, to 2,935.

The Dow Jones Industrial Average rose 67 points, or 0.3%, to 26,597. The Nasdaq added 25 points, or 0.3%, to 7,994.

Bond prices fell. The yield on the 10-year Treasury rose to 2.02%.

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