NEW YORK (AP) — Banks, one of the weakest sectors in the market this year, led stocks higher on Wall Street Monday as traders anticipated that the Federal Reserve could raise interest rates at least once this year. That could help banks recover from a long slump by making lending more profitable.
The Dow Jones industrial average rose 107.59 points, or 0.6 percent, to 18,502.99.
The Standard and Poor's 500 gained 11.34 points, or 0.5 percent, to 2,180.38.
The Nasdaq composite rose 13.41 points, or 0.3 percent, to 5,232.33.
For the year:
The Dow is up 1,077.96 points, or 6.2 percent.
The S&P 500 is up 136.44 points, or 6.7 percent.
The Nasdaq is up 224.92 points, or 4.5 percent.