The S&P 500 scored its biggest one-day percentage gain in about two months. Fred Katayama reports.
Financial stocks spearheaded a broad-based rally Wednesday as Treasury yields rose. The S&P 500 scored its biggest one-day percentage gain in two months. Tech stocks bounced back, helping the Nasdaq lead the way. Pacer ETF Distributors' Sean O'Hara: SOUNDBITE: SEAN O'HARA, PRESIDENT, PACER ETF DISTRIBUTORS, (ENGLISH) SAYING: "Financial, tech and airlines seem to be driving things higher today and you know, I think the market's in a pretty good place. I hear people talk about being overvalued. There's still no place else with your money in terms of yield or return on the fixed income side." Interest-sensitive bank stocks boosted the S&P 500, JPMorgan Chase, and Bank of America among them. General Mills shares rose. Quarterly revenue fell, but profit rose sharply at the maker of Cheerios cereal, beating estimates. FedEx shares rose even though the package delivery company said a virus attack disrupted operations at its TNT Express unit. It said data was not breached. KB Home getting a bid. The homebuilder raised its financial targets for the full year, pushing some analysts to raise their price targets. European shares ended the day flat. A drop in tech and healthcare stocks offset a rally in financial shares.