Energy, bank Stocks lead Wall Street Higher

Stocks on Wall Street rose Wednesday led by the energy sector as oil prices rallied and as financials gained on the increasing likelihood of an interest rate hike after strong economic data. 

 

Activity in the US services sector hit an 11-month high in September, an encouraging sign for economic growth that may nudge the Federal Reserve toward an interest rate increase before the year ends. Banks, seen benefiting from an eventual rate hike, gained 2 percent as a group -the most for any day in two months. 

 

"We’re taking a little victory lap today after the surprisingly good economic data,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. She said expectations are rising for a pickup in corporate earnings and “there are good signs in the economy." 

 

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