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Chevron vaults into new league on $33B Anadarko acquisition

The logos for The Walt Disney Company and Chevron appear above a trading post on the floor of the New York Stock Exchange, Friday, April 12, 2019. Energy companies rallied after Chevron said it would pay $33 billion to buy rival Anadarko Petroleum and Disney surged 12% to an all-time high after it announced plans to offer its own video streaming service.

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

11:45 a.m.

Stocks are rising broadly in midday trading on Wall Street, putting the S&P 500 index on track to post its third straight weekly gain.

Banks are leading the way higher Friday. JPMorgan Chase jumped 4.5% after reporting a solid increase in earnings. Other banks also rose.

Disney soared 10.3% after unveiling a new video streaming service to go up against Netflix. Netflix was off 3.9%.

Chevron sank 4.6% after announcing a deal to buy Anadarko Petroleum for $33 billion. Anadarko skyrocketed 33.7% higher.

The S&P 500 rose 13 points, or 0.5%, to 2,901.

The Dow Jones Industrial Average rose 209 points, or 0.8%, to 26,350. The Nasdaq rose 18 points, or 0.2%, to 7,966.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.55%.

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9:35 a.m.

Stocks are broadly higher on Wall Street in early trading as banks and media companies move higher.

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JPMorgan Chase jumped 3.5% early Friday after reporting a solid increase in earnings, and Disney soared 10.5% after unveiling a new video streaming service to go up against Netflix. Netflix was off 3.1%.

Chevron sank 4.6% after announcing a deal to buy Anadarko Petroleum for $33 billion. Anadarko skyrocketed 32.5% higher.

The S&P 500 index rose 18 points, or 0.6%, to 2,906.

The Dow Jones Industrial Average rose 256 points, or 1%, to 26,410. The Nasdaq rose 38 points, or 0.5%, to 7,985.

Bond prices fell sharply, sending yields higher. The yield on the benchmark 10-year Treasury rose to 2.55% from 2.50% late Thursday.

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