Stocks drift higher; Banks gain as rates rise


Stocks rebounded from a downbeat start, building on small gains a third day. News that consumer prices jumped in May pushed up long-term interest rates, setting the stage for a turnaround in financial stocks. Investors bid up Schwab, E-Trade and Goldman Sachs. Weak home construction data had weighed on the market early on, hurting builders’ stocks. The big indexes recovered but closed barely above Monday’s numbers. ‘The market is just kind of drifting along. Everybody is trying to figure out how much of a hold this economic expansion can get,’ said Brad Sorensen, at the Schwab Center. The Fed gives its update on Wednesday.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of