US stocks end higher as bank shares lead

US stocks end higher as bank shares lead

US stocks reversed earlier losses to finish higher on Thursday, bolstered by a rally in bank shares.

The Dow Jones Industrial Average jumped 299.66 points, or 1.18 per cent, to 25,745.60. The S&P 500 rose 33.43 points, or 1.10 per cent, to 3,083.76. The Nasdaq Composite Index increased 107.84 points, or 1.09 per cent, to 10,017.00, Xinhua reported.

Ten of the 11 primary S&P 500 sectors closed higher, with financials up 2.71 per cent, outpacing the rest. Utilities sank 1.22 per cent, the only declining group.

Bank stocks surged after the Fed and four regulatory agencies announced they were going to change a rule that has limited banks’ ability to make investments in such areas as hedge funds.

The major averages were under pressure earlier in the session as data showed the number of Americans seeking unemployment benefits was higher than anticipated for a second straight week amid the Covid-19 pandemic.

US initial jobless claims registered 1.48 million in the week ending June 20, following an upwardly revised 1.54 million in the prior week, the Department of Labor reported on Thursday. Economists polled by Dow Jones had expected Thursday’s report to show 1.35 million initial claims.

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