Banks, lenders and other financial companies rose amid anticipation that the sector will benefit from tax cuts, rate increases and reduced regulation.
The SPDR Financial Select Sector exchange-traded fund, a basket of banks and lenders, hit its highest level since the demise of Bear Stearns after reports that a budget bill, seen as a stepping stone to tax-cut legislation, had passed the House of Representatives.
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Banks were also lifted by legislation passed late Tuesday to kill the Consumer Financial Protection Bureau's arbitration rule, making it harder for consumers to sue banks.
Shares of British bank Barclays slid after it reported sharp declines in quarterly revenue from its bond and equity trading desks. Deutsche Bank ticked down as the German bank also saw pressure on its investment-banking business.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
October 26, 2017 17:15 ET (21:15 GMT)