Dow Jumps To Intraday Record In Afternoon Trade As Comey Ends Testimony
The Dow Jones Industrial Average on Thursday set a fresh all-time high in intraday trade, as former FBI Director James Comey delivered closely watched testimony in front of the Senate Intelligence Committee that some believe provides no surprises that might alter President Donald Trump's pro-growth policy agenda. The Dow was trading up 0.3% at 21,232 in recent trade, exceeding its most recent intraday record set June 2, as Comey offered detailed testimony about his interactions with Trump before his firing on May 9, amid the Federal Bureau of Investigation's probe into Russia's connection to members of the president's 2016 election campaign. The S&P 500 index rose 0.2% at 2,436, while the Nasdaq Composite Index , which touched its own intraday earlier in the session, was up 0.3% at 6,313. The Dow was being lifted by financial shares, with Goldman Sachs Group Inc.'s shares adding to 26 points to the price-weighted blue-chip index's climb. Bank shares got a lift as Treasury yields rose, with the 10-year benchmark Treasury yield [BX: TMUBMUSD10Y] rose 3 basis points to 2.20%. Banks benefit when rates rise because it helps to increase their margins, or whatthey pay out on short-term deposits and garner for lending long-term.
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