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Record Highs Fueled By Strong Empire State Data, Rally in Banking Stocks
By: MT Newswires
All three of the major U.S. market gauges were higher Wednesday, with the S&P 500 climbing to a new record high, supported by better-than-expected earnings at Bank of America ( BAC ), strong iPhone ( AAPL ) sales in China and upbeat economic data at home. Wall Street is also hopeful that the Federal Reserve's latest Beige Book assessment due out this afternoon will provide anecdotal evidence of a robust economy, ultimately contributing to increased business investment and strong Q1 earnings. Financial stocks are leading the way higher, while shares of industrial and technology companies also are rising, including gains of over 1% each for Dow components General Electric ( GE ) and Microsoft ( MSFT ).