Bank stocks push Wednesday indexes higher

Midday Dow up 147 points, at 12,237.

NEW YORK (AP) — Financial companies pushed stock indexes higher Tuesday on hopes that large banks may soon raise their dividends.
Bank of America Corp. rose 4.4 percent, the most of the 30 stocks that make up the Dow Jones industrial average, after chief executive Brian Moynihan told an investor’s meeting that the bank could earn more money over the next two years as its business stabilizes. That led analysts to note that large consumer banks may raise their dividends. Banks slashed dividends during the 2008 financial crisis to cut costs.
Financial stocks in the S&P 500 index rose 2 percent, the most of any of the index’s 10 company groups. American Express Co. gained 4 percent, and JPMorgan Chase & Co. gained 3 percent.

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