You are here: Home » Reuters » News
Business Standard

Bank stocks favoured over tech as tax bill makes headway


By Sruthi Shankar and Rama Venkat Raman(Reuters) - The S&P 500 and the Dow rose to record highs on Monday, led by gains in bank stocks, after Republican-led efforts to slash corporate tax rates cleared a major hurdle.The Nasdaq, however, fell as investors looked away from best-performing technology sector to pick industrials, consumer discretionary and financial stocks. 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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, December 04 2017. 23:59 IST