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Bank stocks favored over tech as tax bill makes headway


By Sruthi Shankar and Rama Venkat Raman(Reuters) - Wall Street indexes rose on Monday as Republican-led efforts to slash corporate tax rates cleared a major hurdle, with investors picking stocks that have lagged for much of the year including shares of financial and industrial companies.Bank of America rose as much as 3.9 percent to hit a near-decade high of $29.2, while Boeing shares hit an all-time high at $281.83, gaining 3.9 percent. "Financials should benefit from not only tax reform but as we start to see rates move higher, their interest margins become more profitable," said Emily ...

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First Published: Mon, December 04 2017. 22:04 IST