Markets Right Now: Banks power stocks to more record highs

The latest on developments in financial markets (All times local):

4 p.m.

U.S. stocks powered broadly higher to reach more record highs on Wall Street, driven by big gains in banks.

Bank of America jumped 3.9 percent Tuesday and JPMorgan Chase rose 3.5 percent.

Banks rose after Federal Reserve chair nominee Jerome Powell said the Fed would consider easing up on financial regulations.

Industrial companies also posted solid gains. Johnson Controls jumped 3.6 percent.

Investors were encouraged by news that a Senate committee cleared the way for a tax reform bill to go before the full Senate.

The Standard & Poor's 500 index rose 25 points, or 1 percent, to 2,627.

The Dow Jones industrial average gained 255 points, or 1.1 percent, to 23,836. The Nasdaq composite climbed 33 points, or 0.5 percent, to 6,912.

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11:45 a.m.

Stocks are pushing higher on Wall Street in midday, trading putting major indexes on track for more record high closes.

Banks and technology companies are posting solid gains Tuesday. JPMorgan Chase was up 1.4 percent and Microsoft was up 1 percent.

Buffalo Wild Wings jumped 6.3 percent after agreeing to be acquired by the company that owns Arby's. Emerson Electric was up 3.2 percent after withdrawing its bid for Rockwell Automation.

RV maker Thor Industries soared 11.1 percent after reporting earnings that were much higher than analysts were expecting.

The Standard & Poor's 500 index rose 12 points, or 0.5 percent, to 2,613.

The Dow Jones industrial average gained 122 points, or 0.5 percent, to 23,702. The Nasdaq composite climbed 16 points, or 0.3 percent, to 6,895.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street and several companies are moving on deal news.

Buffalo Wild Wings jumped 6.3 percent early Tuesday after agreeing to be acquired by Arby's. Emerson Electric was up 2.6 percent after withdrawing its bid for Rockwell Automation.

RV maker Thor Industries soared 12.7 percent after reporting earnings that were much higher than analysts were expecting.

The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,606.

The Dow Jones industrial average gained 65 points, or 0.3 percent, to 23,645. The Nasdaq composite edged up 3 points, or 0.1 percent, to 6,882.

More stocks rose than fell on the New York Stock Exchange.