Banks lead gains for stocks on Wall Street in jumpy trading

Financial companies led stocks broadly higher on Wall Street on Thursday as traders welcomed news that the Federal Reserve and other regulators are removing some limits on the ability of banks to make investments.

Technology and healthcare stocks also helped lift the market, outweighing losses in utilities. Bond yields fell, a sign of caution in the market.The Dow Jones Industrial Average rose 299.66 points, or 1.2%, to 25,745.60. The Nasdaq, which hit an all-time high earlier this week, gained 107.84 points, or 1.1%, to 10,017. The Russell 2000 index of small company stocks notched the biggest gain, climbing 23.57 points, or 1.7%, to 1,413.31.

Recent economic data have been positive, helping fuel the cautious optimism. But a rise in new infections is stoking worries that the reopening of businesses may have to be curtailed again, delaying the economy’s recovery.The Commerce Department said Thursday that the U.S. economy shrank at a 5% rate in the first three months of the year. A far worse decline is expected for the current quarter due to the pandemic. The Labor Department said an additional 1.

The mixed data come amid growing alarm over a surge in cases of COVID-19. Hospitalizations and caseloads have hit new highs in over a half-dozen U.S. states, including California, Florida and Texas, where the governor said Thursday that the state would pause its aggressive reopening as it deals with a surge in cases and people in need of being hospitalized. The daily number of confirmed cases in the country closed in on the peak reached in late April.

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