The latest on developments in financial markets (all times local):
9:35 a.m.
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U.S. stocks are rising Friday morning as banks jump. Major indexes are on track to close out the second quarter with small gains.
The Federal Reserve said most of the largest U.S. banks can buy back more stock and raise their dividends. Wells Fargo, which announced a $24.5 billion stock repurchase, jumped 5 percent and Citigroup rose 2 percent.
Athletic apparel maker Nike jumped 11 percent after it said North American sales improved. It will also buy back $15 billion in stock.
The S&P 500 index added 13 points, or 0.5 percent, to 2,730. The Dow Jones Industrial Average rose 164 points, or 0.7 percent, to 24,384. The Nasdaq composite gained 45 points, or 0.6 percent, to 7,549.
