U.S. stocks rose as the Trump administration’s plan to roll back financial regulations sparked a rally in bank shares. The dollar and Treasuries were little changed after a Federal Reserve official’s nod in favor of higher rates countered a jobs report that provided cover for the central bank to maintain its current course.
The S&P 500 Index closed within a point of an all-time high, as lenders jumped almost 2 percent after Donald Trump ordered a review of the Dodd-Frank regulations. The yield on 10-year Treasury notes churned near 2.47 percent, virtually unchanged on the week, after Fed bank of San Francisco President John Williams reiterated that three rate hikes this year is a reasonable guess. Bloomberg’s Dollar Spot Index erased losses on the comments, but couldn’t avoid a sixth weekly slide as the odds for a Fed rate hike in March fell.
