By Caitlin Ostroff and Michael Wursthorn
Economically sensitive stocks and banks led major U.S. indexes to another set of fresh records.
The stock market on Wednesday continued its general upswing over the past few days after U.S. regulators gave full approval for one of the Covid-19 vaccines. Manufacturers got an additional boost as the government moved toward a September vote on a roughly $1 trillion infrastructure bill.
Shares of banks climbed even higher as bond yields rose ahead of the annual Jackson Hole gathering of central bankers. Yields rise as prices fall, usually making lending activities more profitable for financial firms.
That all helped send the $S&P 500 index(.SPX.US)$ up 9.96 points, or 0.2%, to 4496.19, notching a fifth straight day of gains and its 51st record of the year.
The $Nasdaq Composite Index(.IXIC.US)$ rose 22.06 points, or 0.1%, to 15041.86, also hitting a record.
On Wednesday, financial stocks led benchmarks higher. In the S&P 500, the sector gained 1.2%, while in the Dow, shares of $Goldman Sachs Group(GS.US)$, $American Express Co(AXP.US)$and $JPMorgan Chase & Co(JPM.US)$ all counted as top contributors.
During the session, the yield on the benchmark 10-year U.S. Treasury rose to 1.342% from 1.289% Tuesday.
Industrial and material firms also rose, adding 0.6% and 0.4%, respectively. Among the gainers, shares of $Caterpillar Inc(CAT.US)$ added $2.17, or 1%, to $214.76.
Stocks popular with bets on the economic reopening were also out front. $Caesars Entertainment Inc(CZR.US)$ added $3.84, or 4.1%, to $97.70, while $MGM Resorts International(MGM.US)$ advanced $1.22, or 3%, to $42.13.
Energy stocks rose too, gaining 0.7% following a third straight drop in U.S. crude inventories.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com and Michael Wursthorn at Michael.Wursthorn@wsj.com
(END) Dow Jones Newswires
August 25, 2021 17:27 ET (21:27 GMT)
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