Markets Right Now: 10-year Treasury yield hits 4-year high

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

9:50 a.m.

The yield on the 10-year Treasury note, a benchmark for many kinds of interest rates including mortgages, hit 3 percent for the first time since January 2014.

The rising yield reflects higher expectations for inflation and economic growth.

Stocks moved broadly higher in early trading Tuesday as a handful of solid company earnings reports put investors in a buying mood.

Verizon, Harley-Davidson and Fifth Third Bancorp all rose.

The S&P 500 index rose 3 points, or 0.2 percent, to 2,674.

The Dow Jones industrial average climbed 47 points, or 0.2 percent, to 24,523. The Nasdaq increased 11 points, or 0.2 percent, to 7,139.

Bond prices fell. The yield on the 10-year Treasury went as high as 3 percent in early trading before slipping back to 2.99 percent.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street as a handful of solid company earnings reports put investors in a buying mood.

Verizon, Harley-Davidson and Fifth Third Bancorp all rose sharply in early trading Tuesday after reporting results that came in ahead of analysts' forecasts.

Google parent Alphabet also reported surging earnings, but its stock fell 2.2 percent as the company said spending rose sharply.

Drugmaker Shire rose 3.3 percent after saying it had received another takeover offer from Japanese rival Takeda.

The S&P 500 index rose 9 points, or 0.4 percent, to 2,680.

The Dow Jones industrial average climbed 71 points, or 0.3 percent, to 24,523. The Nasdaq increased 34 points, or 0.5 percent, to 7,162.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.