(CNBC) -- Stocks rose Wednesday after new data raised hope that the Federal Reserve can bring down inflation without pushing the U.S. economy into a recession. The S&P 500 reached a new high for 2023.
The broad market index advanced 0.74% to end at 4,472.16. The Dow Jones Industrial Average traded 86.01 points higher, or 0.25%, to close at 34,347.43. The Nasdaq Composite popped 1.15% to 13,918.96. The S&P 500 and the Nasdaq closed at their highest levels since April 2022.
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Bank stocks jumped on Wednesday. Citigroup and Goldman Sachs saw shares climb 1.8% and 1.7%, respectively. Regional banks also saw gains, with Comerica adding 3.1%, and Zions Bancorporation jumping 2.8%.
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