U.S. stocks closed mixed on Wednesday as investors digested a slew of economic data amid rallying bank shares.
The Dow Jones Industrial Average surged 158.80 points, or 0.61 percent, to 26,405.76. The S&P 500 was up 3.64 points, or 0.13 percent, to 2,907.95. The Nasdaq Composite Index decreased 6.07 points, or 0.08 percent, to 7,950.04.
The Dow's gains were led by Goldman Sachs Group and JPMorgan Chase. Shares of the companies rose 2.92 percent and 2.90 percent, respectively, at the close.
Bank shares got a boost as the 10-year Treasury note yield hit a record high of 3.09 percent during Wednesday's trading, the highest level since May. The Financials sector ended 1.76 percent higher.
Caterpillar and Boeing, companies with high overseas revenue exposure, were also among the winners. However, some of the major tech-heavy shares declined, weighing on the Nasdaq.
On economic data, U.S. building permits in August were at a seasonally adjusted annual rate of 1,229,000, 5.7 percent below the revised July rate of 1,303,000, the Department of Commerce reported on Wednesday. Privately-owned housing starts in August registered 1,282,000, beating market forecasts.
The Dow Jones Industrial Average surged 158.80 points, or 0.61 percent, to 26,405.76. The S&P 500 was up 3.64 points, or 0.13 percent, to 2,907.95. The Nasdaq Composite Index decreased 6.07 points, or 0.08 percent, to 7,950.04.
The Dow's gains were led by Goldman Sachs Group and JPMorgan Chase. Shares of the companies rose 2.92 percent and 2.90 percent, respectively, at the close.
Bank shares got a boost as the 10-year Treasury note yield hit a record high of 3.09 percent during Wednesday's trading, the highest level since May. The Financials sector ended 1.76 percent higher.
Caterpillar and Boeing, companies with high overseas revenue exposure, were also among the winners. However, some of the major tech-heavy shares declined, weighing on the Nasdaq.
On economic data, U.S. building permits in August were at a seasonally adjusted annual rate of 1,229,000, 5.7 percent below the revised July rate of 1,303,000, the Department of Commerce reported on Wednesday. Privately-owned housing starts in August registered 1,282,000, beating market forecasts.
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