Markets Right Now: Energy companies drag US stocks lower

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

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

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11:45 a.m.

Energy companies are falling along with the price of crude oil, bringing U.S. stocks lower after two weeks of gains.

Chevron lost 1.5 percent in midday trading Monday and Exxon Mobil fell 1.2 percent.

The price of crude oil slumped almost 4 percent on reports the U.S. will take a softer stance on countries that import oil from Iran.

Banks rose along with interest rates, and Bank of America is up 2.4 percent after a solid second-quarter report.

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The S&P 500 index rose half a point to 2,801.

The Dow Jones Industrial Average edged up 14 points, or 0.1 percent, to 25,0333. The Nasdaq composite added 11 points, or 0.2 percent, to 7,838.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 percent.

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9:35 a.m.

Stocks are opening slightly higher on Wall Street, led by banks and retailers, adding the market's gains over the past two weeks.

Bank of America rose 1.5 percent early Monday after reporting solid results for the second quarter, and Deutsche Bank jumped 7.4 percent after saying its earnings in the current quarter will be stronger than expected.

Arconic, which makes aluminum products, soared 10.8 percent after the Wall Street Journal reported that a private equity firm might buy the company.

The S&P 500 index rose half a point to 2,801.

The Dow Jones Industrial Average edged up 14 points, or 0.1 percent, to 25,0333. The Nasdaq composite added 11 points, or 0.2 percent, to 7,838.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 percent.

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