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

4 p.m.

The S&P 500 is closing at a record high and has erased all of a steep pullback it suffered in May.

The rally Thursday came as investors balanced optimism over the possibility that the Federal Reserve could cut interest rates in response to a slowing economy and jitters about the prospects of dimmer corporate profits should a severe slowdown take hold.

Those worries continued to fuel demand for bonds. The yield on the 10-year Treasury note fell to 2%, the lowest since November 2016.

The price of oil rose 5.4% as tensions between the U.S. and Iran escalated.

The S&P 500 rose 27 points, or 0.9 percent, to 2,954.

The Dow Jones Industrial Average added 249 points, or 0.9%, to 26,753. The Nasdaq rose 64 points, or 0.8%, to 8,051.


11:45 a.m.

An early surge on the stock market put the S&P 500 index within range of another record high.

Technology stocks were the biggest gainers in a sign that investors are in a bullish mood and hungry for riskier holdings. Oracle rose 8.3% after it reported solid financial results.

Energy stocks made big gains on a surge in oil prices.

The gains came a day after the Federal Reserve said it was ready to cut interest rates if needed to protect the U.S. economy.

The S&P 500 rose 19 points, or 0.6 percent, to 2,945.

The Dow Jones Industrial Average added 178 points, or 0.7%, to 26,681. The Nasdaq rose 51 points, or 0.6%, to 8,037.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.99%. Read more at AP