Wall Street Opens Higher; Banks Advance on Buyback News; Dow up 150 Pts By Investing.com

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By Geoffrey Smith 

Investing.com — U.S. stock markets opened higher on Friday, led by banking stocks that were bolstered by expectations of share buybacks later in the year after the Federal Reserve said it would lift the current ban. 

By 9:35 AM ET (1335 GMT), the was up 148 points, or 0.5%, at 32,768 points, while the was up 0.4% and the was lagging, with a gain of 0.2%.

Late on Thursday, the Federal Reserve had said it will allow banks to resume buybacks and dividends, as long as they pass its annual stress test, which is expected to wrap up by the end of June. Bank of America  (NYSE:) stock rose 1.7% in response, while JPMorgan (NYSE:) stock rose 1.3% and Citigroup (NYSE:) rose 1.1%. 

 

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