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Banks push Wall Street up; Dow brushes against 20,000

Thursday, December 15, 2016 - 01:19

U.S. stocks rose led by gains in bank shares, a day after the Federal Reserve raised interest rates for the second time in nearly a decade. Bobbi Rebell reports.

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Wall Street back on track to hit Dow 20,000. The major U.S. indices moving higher on strength in banking shares, with the Dow closing in on the benchmark. Since the U.S. presidential election, stocks have rallied on bets that Trump's business-friendly proposals will stimulate the economy. SOUNDBITE: LINDSEY PIEGZA, CHIEF ECONOMIST, STIFEL FIXED INCOME (ENGLISH) SAYING: "It's very clear that the market is being fueled by optimism. Optimism that the Trump administration is going to usher in a series of pro-growth policies including a reduced, and simplified tax plan, a reduced regulatory burden, revamping the ACA, all of which has kept the consumer, and businesses alike on the side. So, really, the missing component to the recovery. But, at some point, that optimism will have to be supported by results. " Economic data on Thursday showed U.S. consumer prices moderated in November, but the underlying trend continued to point to firming inflation pressures. Yahoo stock taking a hit after the technology company disclosed a second massive data breach that raised fears Verizon might kill a deal to buy its core internet business. In Europe, shares ended at an 11 month high on gains in global banks after the U.S. Fed raised interest rates.

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