Equities Roundup: Stocks Extend Gains on Upcoming Fed Speech, White House Rules Cuts

Equities Editors Desk  |

Wall Street is trading higher today, adding to yesterday's positive close, as investors anticipate moves from the U.S. Federal Reserve and news from Washington, D.C. that the White House expects to eliminate or reduce hundreds of regulations that could potentially create $10 billion in savings for businesses. Manufacturing data from China and Germany also helped to boost today's gains as numbers came in better than expected. Investors were also able to shrug off weaker-than-expected U.S. housing data, mainly because Wall Street may have already priced in the industry's challenges. Financial stocks got a lift after leading decliners yesterday as the list of problem banks shrank for the first time since the financial crisis began three years ago. Banks like Goldman Sachs (GS), Morgan Stanley (MS) and JPMorgan (JPM) are all trading higher, though investors still seem to be bearish on Bank of America (BAC), apparently. Oil prices are up, trading at almost $86 a barrel. Meanwhile, gold has backed off considerably from a high of $1,917 to trade around $1,855 an ounce.

DJIA: 11,074.02 (+2.02 percent)
S&P 500: 1,149.65 (+2.30 percent)
NASDAQ: 2,412.82 (+2.88 percent)
Russell 2000: 669.35 (+2.77 percent)

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