Bank and technology stocks lift Wall Street

US stocks inched higher yesterday as bank stocks rose and tech stocks recovered, with investor optimism back as the Trump administration cleared a hurdle to lower taxes. Bank of America’s 2 per cent gain was the biggest boost to the S&P. Apple led the gains in the technology index as it rose 0.60 per cent after falling 2.5 per cent on Thursday.

The Dow and the S&P 500 turned higher to close at record levels on Thursday after a Politico report said Federal Reserve Governor Jerome Powell is the leading candidate for Fed chair.

At 9.41am ET (1341 GMT), the Dow Jones Industrial Average was up 45.34 points, or 0.2 per cent, at 23,208.38, the S&P 500 was up 6.78 points, or 0.26 per cent, at 2,568.88 and the Nasdaq Composite was up 25.92 points, or 0.39 per cent, at 6,630.99.

Seven of the 11 major S&P were higher, led by a 0.81 per cent gain in the financial index as bank stocks rose, tracking a jump in US Treasury yields.

PayPal’s 5.6 per cent rise on upbeat earnings also helped a rebound in tech stocks.

General Electric shares tanked about 3.71 per cent after the industrial conglomerate reported a profit miss and slashed its earnings forecast.

Procter & Gamble dipped 3.45 per cent after the company’s sales narrowly missed estimates.