Wall Street edges higher, supported by banks, telecoms

Wall Street edged higher on Tuesday as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally. 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 interest rates. Bank of America , Citigroup and Goldman Sachs also were higher.