Markets Right Now: Banks lead early gains for US stocks

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

9:35 a.m.

Banks were leading stocks higher in early trading on Wall Street after the Federal Reserve gave many of them permission to raise dividends and buy back more stock.

Bank of America jumped 3.5% early Friday and JPMorgan Chase climbed 3.1%.

The Federal Reserve late Thursday approved the plans by the country's 18 biggest banks to return more money to shareholders. The approvals was part of the Fed's annual checkup of the banking system.

Progress Software jumped 15% after reporting earnings that easily beat analysts' forecasts.

The S&P 500 rose 10 points, or 0.4%, to 2,935.

The Dow Jones Industrial Average rose 67 points, or 0.3%, to 26,597. The Nasdaq added 25 points, or 0.3%, to 7,994.

Bond prices fell. The yield on the 10-year Treasury rose to 2.02%.