Markets Right Now: Stocks start higher as banks rise

NEW YORK (AP) – Stocks are bouncing back in morning trading as banks continued to rise along with interest rates.

Higher interest rates will let banks make bigger profits on mortgages and other types of loans. Industrial companies and basic materials makers also rose Wednesday morning.

Medical device company Spectranetics surged 26 percent after Dutch electronics and health care technology company Philips said it agreed to buy the company for $38.50 a share, or $1.68 billion.

Stocks fell a day ago as technology companies took renewed losses.

The Standard & Poor’s 500 index jumped 13 points, or 0.3 percent, to 2,432.

The Dow Jones industrial average gained 117 points, or 0.6 percent, to 21,427. The Nasdaq composite picked up 24 points, or 0.4 percent, to 6,170.