Banks and Tech Drive Wall Street Up over 1%

Wall Street surged more than 1 percent on Tuesday and the Nasdaq had its strongest day in three months as investors made peace with the possibility that the US Federal Reserve might soon raise interest rates.

Comments from policymakers in recent days have investors expecting a rate hike potentially in June, much sooner than previously thought, given sluggish economic growth.

Wall Street has benefited from historically low borrowing costs since the 2008 financial crisis and higher rates could choke further gains.

But strategists on Tuesday said they were reassured by expectations the Fed would tighten borrowing costs only gradually.

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