+1.08% U.S. stocks closed higher on Thursday as financial-sector equities rallied on news that regu26 Jun 2020 08:41
+1.08%
U.S. stocks closed higher on Thursday as financial-sector equities rallied on news that regulators would loosen restrictions on the banking sector. The S&P 500 SPX, +1.09% rose 1.1% to end near 3,084. The Dow Jones Industrial Average DJIA, +1.17% advanced 300 points, or 1.2%, to finish around 25,746, based on preliminary numbers. The Nasdaq Composite COMP, +1.08% gained 108 points, or 1.1%, to close around 10,017. Despite a wave of U.S. states reporting record high tallies in new coronavirus cases, equities rallied after regulators said they are planning to loosen the restrictions imposed by the Volcker rule, allowing banks to more easily make large investments into venture capital and similar funds. This comes ahead of the release of the financial industry's stress test results by the Federal Reserve.
Dow bounced back, should be a blue day for the FTSE.