Banks, telecoms lead Wall Street up; another Dow record

The bank's chief executive told an investor conference it will see a near-term profit hit because of the sharp rise in interest rates, but will benefit in the longer term from rising rates. Bank of America , Citigroup and Goldman Sachs also ended higher. Financials have climbed more than 15 percent since the Nov. 8 election and are seen as one of the sectors particularly benefiting as President-elect Donald Trump seeks to pass economic stimulus and reduce corporate taxes and regulations.