Stocks rallied Wednesday with the Dow Jones Industrial Average posting a triple-digit gain, boosted by gains in the industrial and financial sectors.
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The Dow added 346.41 points, or 1.4%, to 25,146.39. The S&P 500 rose 23.55 points, or 0.86%, to 2,772.35. The Nasdaq Composite climbed to another record high, gaining 51.38 points, or 0.67%, to 7,689.24.
Industrial names were climbing as investors shrugged off mixed reports on trade ahead of the G7 meeting, while financials were boosted by the 10-year Treasury yield approaching a two-week high.
|JPM||JP MORGAN CHASE & CO.||134.41||-0.63||-0.47%|
The yield increased in anticipation that the Federal Reserve will hike rates when it meets next week.
|I:DJI||DOW JONES AVERAGES||27909.6||-105.46||-0.38%|
|I:COMP||NASDAQ COMPOSITE INDEX||8621.827413||-34.70||-0.40%|
On Wednesday, both the Nasdaq and the Russell 2000 touched all-time highs while the Dow climbed back above 25,000. Dow components Microsoft, Visa and Nike touched record highs.
Economic data released Wednesday included the April trade deficit, which fell to a 7-month low as exports set a record. First-quarter productivity was revised to a 0.4% annual pace compared to the 0.7% originally reported.
Oil futures fell 1.2% to $64.73 a barrel, while gold futures were little changed.