Markets Right Now: US stocks open higher, pound stabilizes

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):

9:35 a.m.

Stocks are opening solidly higher on Wall Street following even bigger gains in Europe as global markets recover from a two-day rout triggered by Britain’s vote to leave the European Union.

Banks stocks, which took the heaviest losses in the sell-off, climbed more than the rest of the market in early trading Tuesday.

Energy stocks also rose sharply as the price of crude oil turned higher. Bond prices fell, sending yields higher.

JPMorgan Chase rose 2 per cent and Exxon Mobil rose 1 per cent.

The Dow Jones industrial average rose 148 points, or 0.9 per cent, to 17,284.

The Standard & Poor’s 500 index gained 19 points, or 1 per cent, to 2,020. The Nasdaq composite climbed 57 points, or 1.3 per cent, to 4,652.

European markets also rose and the pound recovered.