Wall Street surged to record highs Tuesday. As Fred Katayama reports, bank stocks led the way driven by encouraging comments from the Federal Reserve chair nominee.
The major U.S. indexes powered higher Tuesday, hitting new records. Providing ballast: Federal Reserve chair nominee Jerome Powell. His comments on interest rates and deregulation fueled bank stocks like JPMorgan Chase and Bank of America. Powell defended the need to lighten financial regulations. RegentAtlantic chief investment officer Chris Cordaro: SOUNDBITE: CHRISTOPHER CORDARO, CHIEF INVESTMENT OFFICER, REGENTATLANTIC, (ENGLISH) SAYING: "We're really trading in news territory since the earnings season is over. So you know, I think the continuation of more accommodative policy because I don't think we can take rates up quickly any time soon." Also helping stocks: the Conference Board's consumer confidence index jumped to its highest level in nearly 17 years in November. Shares of Buffalo Wild Wings flew higher. The restaurant chain is being bought by the owner of Arby's, Roark Capital, for about $2.4 billion. Emerson Electric shares led the S&P's gainers after the factory automation maker withdrew its $29 billion bid for Rockwell Automation. Rockwell shares also rose. Gains in Royal Dutch Shell and online retailer Ocado boosted European shares.