Stocks closed broadly higher on Wall Street after shaking off a wobbly start.
Banks helped lead the gains as bond yields rose, which will allow banks to charge higher rates on mortgages and other loans. The S&P 500 added 1.1% Wednesday and the Dow Jones Industrial Average rose 1.4% to another all-time high.
Small-company stocks continued to outpace the rest of the market, as they have done since the beginning of the year. The yield on the 10-year Treasury note rose to its highest level in over a year.
The S&P 500 rose 44.06 points, or 1.1%, to 3,925.43.
The Dow Jones Industrial Average rose 424.51 points, or 1.4%, to 31,961.86.
The Nasdaq rose 132.77 points, or 1%, to 13,597.97.
The Russell 2000 index of smaller companies rose 53.07 points, or 2.4%, to 2,284.38.
For the week:
The S&P 500 is up 18.72 points, or 0.5%.
The Dow is up 467.54 points, or 1.5%.
The Nasdaq is down 276.50 points, or 2%.
The Russell 2000 is up 17.69 points, or 0.8%.
For the year:
The S&P 500 is up 169.36 points, or 4.5%.
The Dow is up 1,355.38 points, or 4.4%.
The Nasdaq is up 709.68 points, or 5.5%.
The Russell 2000 is up 309.53 points, or 15.7%.