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.
