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Banks lead stocks modestly higher; oil prices slide

Banks lead stocks modestly higher; oil prices slide

Banks and other financial companies led U.S. stocks modestly higher Monday, nudging the stock market to another record high.

The Standard & Poor's 500 index and Dow Jones industrial average closed at new highs as the market extended its gains from last week.

Investors continued to bid up bank shares as interest rates rose. Banks benefit from higher rates, which can translate into higher profits from lending money.

The rise in bond yields also weighed on utilities, real estate companies and other bond proxies. Big retailers such as Amazon.com were among the biggest decliners.

The S&P 500 index rose 3.64 points, or 0.2%, to 2,503.87. The Dow gained 63.01...

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