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Bank stocks’ jump pushes U.S. indexes higher; bond yields rise

Bank stocks’ jump pushes U.S. indexes higher; bond yields rise

Bank stocks jumped Tuesday on hopes that bigger profits are ahead, and U.S. indexes again climbed to record highs.

Stocks had been mostly lower when the day's trading began, but indexes reversed course after Federal Reserve chief Janet Yellen told a Senate committee that the central bank could raise interest rates as soon as next month. Bond yields jumped immediately afterward and fed through to shares of banks, which can benefit from higher rates by charging more for loans.

The Standard & Poor's 500 index rose 9.33 points, or 0.4%, to 2,337.58 for its sixth straight day of gains. Earlier in the day, it was down as much as 0.3%. The Dow Jones industrial average rose...

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