Markets Right Now: US stocks open higher, dollar soars

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

Stocks are opening moderately higher on Wall Street and the dollar is making more gains against other currencies a day after the Federal Reserve raised its benchmark interest rate.

Banks and drugmakers were among the early winners Thursday. Eli Lilly jumped 5 percent after releasing forecasts that were stronger than analysts were expecting.

Food maker Mondelez International, whose brands include Oreos and Nabisco, was up 4 percent following reports that Kraft Heinz might buy it.

The dollar was at its highest level since late 2002 as measured by the ICE dollar index.

The Dow Jones industrial average gained 41 points, or 0.2 percent, to 19,828. The Standard & Poor’s 500 index rose 3 points, or 0.1 percent, to 2,256. The Nasdaq composite added 11 points, or 0.2 percent, to 5,447.