Banks lead gains on Wall Street on hopes for higher rates

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By northjersey.com

Banks led the stock market higher Monday as investors anticipate that the Federal Reserve could raise interest rates this year from their historically low levels. That could help banks recover from a long slump by making lending more profitable.

The Dow Jones industrial average rose 107.59 points, or 0.6 percent, to 18,502.99. The Standard & Poor’s 500 index climbed 11.34 points, or 0.5 percent, to 2,180.38. The Nasdaq composite edged up 13.41 points, or 0.3 percent, to 5,232.33.

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