Stocks rose as investors were encouraged by signs of progress in the budget talks. The Republican House speaker made an offer to raise tax rates on high income. The Dow rose 100.38 points, its biggest gain this month. Banks were among the best performers. Citigroup gained 4.1% as Raymond James raised its target price to $52. Bank of America rose 4%. Investors are currently favoring financial stocks, said Ben Schwarz, at Lightspeed Financial: ‘People are looking for stability and the tech sector hasn’t given them any.’ Financial companies make up the best-performing S&P 500 group this year, FactSet says, up by 25%.
A bit more optimism on budget lifts stocks
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