Business

Banking shares lead Wall Street higher

NYSE traders Image copyright Reuters

Wall Street resumed its upward path, with bank shares rising after the Federal Reserve hiked interest rates.

JPMorgan Chase advanced 1.7%, Bank of America added 2.3%, and Citigroup rose 1.4%. Bank revenues tend benefit from a higher interest rate environment.

The Dow Jones closed up 0.3% to 19,852. The S&P 500 gained 0.39% to 2,262.03, and the Nasdaq added 0.37% to 5,456.8.

Yahoo fell 6.1% on worries its latest hack attack may derail its $4.8bn sale to Verizon, whose share rose 0.4%.

Facebook gained 0.3% after unveiling a tool to root out fake news on its site, which some people claim influenced last month's US election. Facebook said it would begin testing a system enabling users to click on news items if they suspect they are fabricated.

Rupert Murdoch's 21st Century Fox dipped 0.7% after reaching a deal to take control of TV giant Sky for $14.8bn cash.

Food group Mondelez International jumped 4.4% following a report it could be acquired by Kraft Heinz. A note from Morgan Stanley said such a transaction was "logical." Kraft Heinz shares added 1.2%.