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Dec 13, 4:12 PM EST

Stocks are closing mostly higher on Wall Street, but a pullback in bank stocks left the Standard & Poor's 500 index slightly lower.


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The latest on developments in financial markets (All times local):

4 p.m.

Stocks are closing mostly higher on Wall Street, but a pullback in bank stocks left the Standard & Poor's 500 index slightly lower.

The Dow Jones industrials closed higher Wednesday, driven by a jump in Caterpillar, giving the index another all-time high. Caterpillar climbed 3.6 percent.

Banks struggled as long-term bond yields edged lower, which makes it tougher for banks to earn money from lending. Bank of America lost 1.6 percent.

The declines came even as the Federal Reserve raised its benchmark rate for the third time this year.

The S&P 500 slipped 1 point to 2,662.

The Dow climbed 80 points, or 0.3 percent, to 24,585. The Nasdaq rose 13 points, or 0.2 percent, to 6,875.

Bond prices rose. The yield on the 10-year Treasury fell to 2.35 percent.

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2:15 p.m.

Financial markets were holding steady in afternoon trading after the Federal Reserve nudged interest rates higher and said the U.S. economy was on sound footing.

The quarter-point increase in the Fed's benchmark interest rate was widely expected. Rates remain lower overall and the increase was the third this year.

Major U.S. indexes were trading about where they were about 15 minutes after the Fed released its policy statement.

Industrial and health care companies continued to lead the market slightly higher.

The Standard & Poor's 500 rose 3 points, or 0.1 percent, to 2,667.

The Dow Jones industrials climbed 109 points, or 0.5 percent, to 24,616. The Nasdaq increased 20 points, or 0.3 percent, to 6,882.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent.

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11:45 a.m.

Stocks are moving higher in midday trading, led by gains in technology companies, which have outpaced the market all year.

Health care companies were also higher Wednesday, while banks and energy stocks lagged behind.

Western Digital rose 2.5 percent after the hard drive maker resolved a dispute with its partner Toshiba over Toshiba's plan to sell its flash memory business.

Traders were looking ahead to an announcement Wednesday afternoon on interest rates from the Federal Reserve.

The Standard & Poor's 500 index rose 6 points, or 0.2 percent, to 2,670.

The Dow Jones industrial average climbed 151 points, or 0.6 percent, to 24,656. The Nasdaq composite increased 27 points, or 0.4 percent, to 6,889.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent.

---

9:35 a.m.

Stocks are opening higher on Wall Street as technology companies post solid gains.

Hard drive maker Western Digital gained 3 percent after it resolved a dispute with its partner Toshiba over Toshiba's plan to sell its flash memory business.

Finisar climbed 27 percent after Apple said it will invest $390 million in the fiber optic component supplier so it can make more lasers used in facial recognition technology.

The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,668.

The Dow Jones industrial average climbed 46 points, or 0.2 percent, to 24,547. The Nasdaq composite increased 27 points, or 0.4 percent, to 6,888.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent.

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