Shares of banks and other financial institutions rose as traders bet the sector would benefit from Federal Reserve policy plans and the economic environment.
Fed Chairman Jerome Powell suggested that the central bank is well on its way to engineering a soft economic landing, which would mean that the U.S. averts recession even as interest rates fall.
One strategist said the 2020s could be remembered as a bonanza for stock investors, much like the corresponding decade 100 years ago. "With many recent developments on the demand side, supply side, and monetary policy all supportive [there's] a clear path to a Roaring '20s outcome," said Jason Draho, head of asset allocation Americas, UBS Global Wealth Management, in a note to clients.