Dow books best day in 2 months as Nasdaq logs 3rd straight record close
The Dow Jones Industrial Average on Wednesday ended more than 300 points higher and recorded its best daily gain since mid April as a rally in bank shares amplified a broad-market run-up that has been supported by gains in internet and technology shares. The Dow closed up 346 points, or 1.4%, at 25,146 (on a preliminary basis), representing the best point and percentage gain for the blue-chip gauge since April 10, while the S&P 500 index advanced 0.9% at 2,772, according to FactSet data. The technology-centric Nasdaq Composite Index recorded its third straight all-time closing peak and its fourth consecutive advance. Market participants attributed Wednesday’s rally to rising government bond rates, with yields for the 10-year Treasury bond climbing to 2.97% from 2.91% on Tuesday. Higher rates tend to benefit the business of financials, including Goldman Sachs Group Inc. and JPMorgan Chase & Co. , which both ended the session higher.