Friday, 16 December 2016

Wall Street rises, led by banks; Dow brushes against 20,000

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US stocks rose on Thursday, led by gains in bank shares, a day after the Federal Reserve raised interest rates for the second time in nearly a decade. The Fed sees three rate hikes next year instead of the two foreseen in September, partly as a result of the fiscal stimulus expected to hit under President-elect Donald Trump. 

Trump's spending plans could trigger inflation and bring about higher interest rates, making banks a likely winning sector in the new administration. Art Hogan, chief market strategist at Wunderlich Securities in New York, said the advance in bank shares also reflects a rotation into a sector which had been stagnant during most of the multi-year rally that has seen major indexes hit record highs.

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