NEW YORK—Stocks marched higher for the third day in a row May 16 erasing the big plunge they took on Monday, May 13, on worries about the worsening trade fight between China and the U.S.
Banks reversed course and helped lead the broad gains. Banks were benefiting from higher bond yields, which allow them to charge higher interest rates on loans. Bank of America added 1.7% and Citigroup rose 1.9%. Bond yields rose following a surprising rise in new home construction in April.
