JPMorgan climbed 1.9 percent and Bank of America rose 2.2 percent, making the S&P financial index the biggest gainer among S&P 500 sectors.
Fed chair nominee Jerome Powell said on Tuesday the case for a December rate hike was coming together and also hinted at lighter bank regulation, while Fed chair Janet Yellen said on Wednesday that a strengthening economy will warrant continued rate increases.
"Economic data has been very strong and the economy looks as good now as it ever has," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
The second revision of third-quarter gross domestic product showed growth increased at a 3.3 annual rate, up from the previously reported 3 percent.
The Fed's preferred gauge of inflation, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.4 percent in the third quarter, in line with the forecast by economists polled by Reuters.
Investors are keeping a keen eye on progress on US tax bill. Senate Republicans on Tuesday rammed forward the bill, which corporate America is hoping will slash business tax rates, in an abrupt, partisan committee vote that set up a full vote by the Senate as soon as Thursday.
READ MORE
No comments:
Post a Comment