U.S. stocks edged higher late Wednesday. Extension of the tax cuts may be expected, driven by rising financial sector generally.
At 15:28 on December 8 EDT, the Dow Jones Industrial Average fell 4.24 points, at 11,354.92 points, down 0.04%; the Nasdaq composite index rose 7.01 points to 2,605.50 points, or 0.27%; the S & P 500 Index rose 2.16 points to 1,225.91 points, or 0.18%.
Sharp rise in the dollar caused prices of commodity futures, some raw materials, energy and industrial stocks therefore decline.
Rising dollar led to a general fall in commodity futures prices, dragged down raw materials, energy and industrial sector decline. Consumer pressure plate, which McDonald's (MCD) fell 2.4%. The fast food giant announced that November same-store sales increase of 4.8%, but below market expectations.
General rise in the financial sector, including small regional banks leading gains. Lincoln National Bank (Lincoln National, LNC) rose 7.7%, Regions Financial (RF) rose 5.3%, Zions Bancorp rose 5.4%.
Among the large financial stocks, Morgan Stanley (MS) rose 3.3%. Bank of America (BAC) rose 4%. JP Morgan Chase (JPM) rose 2.2%.
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