Stocks marched higher Thursday for the third day in a row, erasing the dive they took Monday on worries about the worsening U.S.-China trade war.
Banks reversed course and helped lead the broad gains. Banks were benefiting from higher bond yields, which enable them to charge higher interest rates on loans. Bank of America shares rose 1.7% and Citigroup rose 1.9%. Bond yields rose after a surprising rise in April new-home construction.The steady gains mark a turnaround from Monday, when stocks took a nosedive after Beijing issued retaliatory tariffs on U.S. goods, ratcheting up tensions between the two largest economies in the world.
Utilities and real estate companies lagged behind the overall market, another sign that investors were becoming more comfortable holding riskier assets. “Clearly, the market is at the mercy of what we’re hearing on trade,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.
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