Wednesday, 7 December 2016

Banks, telecoms lead Wall Street up; another Dow record

Wall Street climbed on Tuesday as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally, helping the Dow set another record closing high. The S&P financial sector rose nearly 1 percent, lifted by a 2.2 percent gain for Wells Fargo . The bank's chief executive told an investor conference it will see a near-term profit hit because of the sharp rise in interest rates, but will benefit in the longer term from rising rates. 

Bank of America , Citigroup and Goldman Sachs also ended higher. Financials have climbed more than 15 percent since the Nov. 8 election and are seen as one of the sectors particularly benefiting as President-elect Donald Trump seeks to pass economic stimulus and reduce corporate taxes and regulations.

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