Banking shares rally and lift Dow, S&P 500
Banking shares led Wall Street stocks higher on Thursday, following better-than-expected data that raised hopes the US economy could avert a recession. Financials were the strongest of 11 industrial sectors after all 23 large US banks passed a Federal Reserve stress test, generating speculation of potential dividend hikes and share buybacks. The Dow Jones Industrial Average finished up 0.8 percent at 34,122.42. The broad-based S&P 500 gained 0.5 percent to 4,396.44, while the tech-rich Nasdaq Composite Index was flat at 13,591.33. (AFP)