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Stocks drift higher; Banks gain as rates rise

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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.

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