Today, its highest intraday Dow rose to 11,566.99 points, a record intraday high of two years. Financial sector led the broader market, Dow component JP Morgan Chase (JPM) rose 2.5%, Bank of America (BAC) rose 2.5%.
The Nasdaq rose to its highest at 2,675.26 points, a record intraday high of three years. The highest S & P 500 index rose 1,259.39 points, also set two years after hitting a high point.
Financial stocks generally rose. Tuesday, Toronto-Dominion Bank (TD) will be 6.3 billion announced acquisition of Chrysler before the financial sector, the financial industry news that investors expected more mergers will occur. Last week Bank of Montreal (BOM) said it would value 4.1 billion stock swap acquisition of Midwest is a large bank.
As investors find the next potential acquisition targets, the regional bank stocks has been particularly promoted. Wednesday, Regions Financial (RF) rose 4.8%, First Horizon National (FHN) gained 4.2%, SunTrust Banks (STI) rose 3.1%, Zions Bancorp (ZION) rose 2.1%.
The strong rise in the financial sector, so that investor confidence, stimulate the stock market since 2008, climbed to levels not seen.
Institutional investors, senior technical analyst at Schaeffers Investment Research Ryan - Detrick (Ryan Detrick), "said financial stocks leading the market into a new plate, which is a very welcome sign for the market, so it is extremely were encouraging. The financial sector has a remarkable influence, it is beyond doubt. We all remember a few years ago, the financial sector is how to roll into this huge market confusion, it must be for them to lead the market out of the chaos. "
Wednesday, pre, the U.S. government announced the increase of third quarter gross domestic product (GDP) growth rate, but still slightly lower than expected. The Commerce Department reported Wednesday, July to September quarter, a seasonally and inflation-adjusted gross domestic product growth of 2.6% of GDP refers to all domestic production total value of products and services. In the United States government report released a month ago, GDP is forecast to grow by 2.5%.
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