June 24, 2024
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Wall Street rises as bank shares rally, Nike boosts Dow

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By Devik Jain (Reuters) – U.S. stocks rose on Tuesday, as bank shares gained on growing bets of aggressive interest rate increases by the Federal Reserve and sportswear maker Nike climbed after upbeat quarterly results. Nine of the 11 major S&P sectors were up in early trading with financials and consumer discretionary rising the most. The S&P 500 banks index gained 3.4%, powered by a 5.2% rise in Wells Fargo. The benchmark 10-year Treasury yield rose to 2.36%, its highest level since mid-May 2019. The odds of a 50-basis point rate hike at the Fed’s policy meeting in May rose to 72.2% after Ch…

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