NEW YORK (Reuters) – U.S. stocks rose on Wednesday after a healthy bond sale in Portugal and signs of strength in the U.S. banking sector.
The euro rose 0.5 percent against the U.S. dollar.
JPMorgan Chase & Co (JPM.N) rose 1.6 percent to $44.30 to lead the KBW bank index (.BKX), up 1.6 percent. JPMorgan Chief Executive Jamie Dimon said the bank could pay an annual dividend of 75 cents to a dollar once the Federal Reserve gives its approval.
Adding to the positive sentiment, Wells Fargo raised the U.S. bank sector to an "overweight" rating.
The Dow Jones industrial average (.DJI) gained 51.62 points, or 0.44 percent, to 11,723.50. The Standard & Poor's 500 Index (.SPX) rose 5.67 points, or 0.44 percent, to 1,280.15. The Nasdaq Composite Index (.IXIC) added 6 points, or 0.22 percent, to 2,722.83.
The Fed will release its Beige Book of regional economic conditions at 2 p.m..
Shares of ITT Corp (ITT.N) soared more than 18 percent to $62.32 after the diversified manufacturer said it would separate its businesses into three different publicly traded companies, and shareholders will own shares in all the three corporations.
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