Mounting evidence that the Federal Reserve will raise interest rates this month has given investors new confidence in the strength of the US economy, sending Wall Street to record highs yesterday in a broad-based rally that buoyed markets around the world.
The spike in equities was led by banks, which will directly benefit from higher rates by improving margins on their lending. But there were gains across the board, with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite and the Russell 2000 — a gauge of small-cap companies — all reaching new intraday highs.
“The Fed is willing to be on top of things and has greater confidence in the economy,” said Jerry Lucas, a senior strategist at UBS Wealth Management.
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