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Business

Bank stocks rise in short day of trading

Trader Gregory Rowe  works on the floor of

Trader Gregory Rowe  works on the floor of the NYSE  June 27, 2017. Photo Credit: AP / Richard Drew

Most U.S. stocks rose Monday as banks continued to climb along with interest rates, and energy companies rallied again with oil prices. Better-than-expected auto sales and a strong report on U.S. factories also boosted stocks.

Energy companies made large gains in Monday’s abbreviated trading session as oil prices rose for the eighth day in a row. Banks rose as bond yields and interest rates continued to rise. Companies that stand to benefit from faster economic growth, like industrial companies and basic materials makers, climbed after the Institute for Supply Management said U.S. manufacturing activity climbed in June to its highest level in almost three years.

“The market clearly liked that number,” said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute. He said economic reports over the last few months have been a bit disappointing, but “it’s still in line with expectations for modest GDP growth.”

The Standard & Poor’s 500 index added 0.2 percent, to 2,429.02. The Dow Jones industrial average rose 129.64 points, or 0.6 percent, to 21,479.27. The Nasdaq composite lost 0.5 percent, to 6,110.06, as technology companies continued to slump.

Overall, almost three-fourths of the stocks on the New York Stock Exchange finished higher. — AP

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