Stocks rose on Friday as Wall Street looked to end a strong week on a high note.
The Dow Jones Industrial Average traded 150 points higher and was on its way to post a record closing high. The S&P 500 advanced 0.3% and hit a fresh all-time high. The Nasdaq Composite climbed 0.3%.
Treasury yields climbed on the news, lifting bank shares. The benchmark 10-year Treasury yield traded at 2.063%. Citigroup and J.P. Morgan Chase shares rose 0.8% and 0.9%, respectively. Bank of America traded 0.6% higher.
Friday’s stock gains built on a strong weekly performance for the major indexes that was partially driven by investors cheering the prospects of the Federal Reserve cutting interest rates as soon as July. The Dow and S&P 500 were both up more than 2% for the week, while the Nasdaq rose 3.4%.