Dow rises nearly 300 points as bank stocks climb after Volcker Rule changes

3 months ago 20
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June 25 (UPI) -- Stocks on Thursday rebounded slightly from losses the prior day, as bank stocks rose after the Federal Reserve announced changes to the Volcker Rule.

The Dow Jones Industrial Average closed up 299.66 points, or 1.18 percent, while the S&P 500 rose 1.10 percent and the Nasdaq Composite increased 1.09 percent after the Federal Reserve and other financial agencies approved changes allowing banks to increase their investments in venture capital funds.

Wells Fargo stock climbed 4.79 percent following the announcement, while Bank of America, Citigroup and JPMorgan Chase each rose more than 3 percent.

Markets were down earlier in the day amid concern over spikes in COVID-19 cases in places such as Florida, Texas, Arizona, California and the Carolinas.

Florida reported an increase of more than 5,000 new coronavirus cases for the second consecutive day on Thursday, while Texas paused reopening plans after reporting a record 5,551 new infections on Wednesday.

Disney stock ended the day down 0.63 percent after the company announced it would delay plans to reopen its parks in California after the state said it would not release theme park guidance until July 4.

Tuesday's gains fell after the Dow dropped 700 points on Wednesday amid news of rising coronavirus cases.

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