2017.06.2821:33:00UTC+00US Stocks Advanced After Banks, Tech Sectors Surge

Wall Street rallied on Wednesday, as the benchmark S&P 500 index posted its largest one-day percentage gain in nearly two months, with banks and technology stocks leading the charge. The Nasdaq recorded its best session since Nov. 7, the day before the U.S. presidential election.

The Dow Jones industrial average climbed 0.68 percent to end at 21,454.61, with Caterpillar leading gains while Johnson & Johnson lagged behind. The S&P 500 rose 0.88 percent to close at 2,440.69, as financials led nine sectors up and utilities underperformed. The Nasdaq Composite gained 1.43 percent to finish at 6,234.41.

Financials were the best performing sector in the S&P by climbing 1.6 percent. Bank stocks which include JP Morgan Chase and Bank of America helped raise the S&P, both climbing over 2.0 percent.

Tech stocks advanced 1.3 percent, rebounding from their worst day in more than two weeks. The sector led the S&P 500's nine percent gain in 2017, but has retreated recently as some investors question if the group is too expensive.

Among shares active on corporate news, General Mills climbed 1.6 percent after it posted a better-than expected quarterly profit. Staples jumped 8.4 percent. The company is set to announce its sale to private equity firm Sycamore Partners, according to a person with knowledge of the matter.