U.S. stocks ended slightly higher as investors bid up banks and other financial companies. News that U.S. consumer prices jumped sharply in May drove up long-term interest rates, setting the stage for the turnaround as investors bought E-Trade Financial, Charles Schwab, Goldman Sachs and other stocks.
The Dow Jones industrial average rose 27.48 points, or 0.2 percent, to 16,808.49.
The Standard & Poor’s 500 index gained 4.21, or 0.2 percent, to close at 1,941.99.
The Nasdaq composite index rose 16.13 points, or 0.4 percent, to 4,337.23.
For the week:
The Dow is up 32.75 points, or 0.2 percent.
The S&P 500 is up 5.83 points, or 0.3 percent.
The Nasdaq gained 26.58 points, or 0.6 percent.
For the year:
The Dow is up 231.83 points, or 1.4 percent.
The S&P 500 index is up 93.63 points, or 5.1 percent.
The Nasdaq is up 160.64 points, or 3.9 percent.