Banks Lead Stock Gains on Wall Street

Dow ends day up 141
By Newser Editors and Wire Services
Posted Jan 16, 2019 3:16 PM CST
In this Jan. 11, 2019, file photo, specialist Gregg Maloney works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Strong earnings from several big banks powered more gains on Wall Street, with Goldman Sachs and Bank of America leading the way, the AP reports. Goldman Sachs jumped 9.5% Wednesday, its biggest gain in 10 years, after the bank said gains in its advisory business offset a rough quarter in trading. The bank had been lagging the market in recent months. Bank of America climbed 6.7% as rising interest rates helped it make more money from lending. Other sectors didn't move as much. Communications companies fell. The S&P 500 rose 5 points, or 0.2%, to 2,616. The Dow Jones Industrial Average added 141 points, or 0.6%, to 24,207. The Nasdaq rose 10 points, or 0.2%, to 7,034. (Read more stock market stories.)

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