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Bank rally drives Wall Street higher

Friday, March 31, 2017 - 01:16

Financial shares rallied after U.S. economic growth was revised upward. Fred Katayama reports.

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A rally in bank stocks lifted the markets Thursday. Helping drive bank stocks like Bank of America and Citigroup higher: signs of strength in the economy. Gross domestic product in the fourth quarter was revised upward to 2.1 percent. Graham Tanaka of Tanaka Capital Management on what's driving investor sentiment. SOUNDBITE: GRAHAM TANAKA, PRESIDENT, TANAKA CAPITAL MANAGEMENT, (ENGLISH) SAYING: "I think there's some optimism that tax policy can change despite Trump and Ryan's setback in the House. YOu know, that's not going to mean that tax reform is off the table. It may not be as strong as some of us had hoped for, but I think there's going to be tax reform." Lululemon shares plunging after the Canadian yoga pants maker warned of falling sales in the current quarter. It said it would add more colorful apparel to its lineup. ConocoPhillips surging. The oil company will sell its oil sands and natural gas assets in western Canada to Cenovus Energy for $13 billion. AT&T shares up after it won a U.S. contract to build a nationwide wireless broadcast network for first responders. In Europe, industrials and commodities stocks drove shares up. But the FTSE 100 ended just below the break-even line.

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Bank rally drives Wall Street higher

Friday, March 31, 2017 - 01:16