Banks reversed course and helped lead the broad gains. Banks were benefiting from higher bond yields, which enable them to charge higher interest rates on loans. Bank of America shares rose 1.7% and Citigroup rose 1.9%. Bond yields rose after a surprising rise in April new-home construction.The steady gains mark a turnaround from Monday, when stocks took a nosedive after Beijing issued retaliatory tariffs on U.S. goods, ratcheting up tensions between the two largest economies in the world.
Utilities and real estate companies lagged behind the overall market, another sign that investors were becoming more comfortable holding riskier assets. “Clearly, the market is at the mercy of what we’re hearing on trade,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.
Have a very radical liberal friend who texts my wife ever time the market has bad down day, but never anything on up days. This AM, seeing market was up 200+ pts, I suggested to her that she text her that market was up for past 3 days. LOL Said gal never tweeted us when O was in
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