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Up, up and away.

The Dow Jones Industrial Average closed above 21,000 for the first time on Wednesday as financials led the way higher as market expectations for an interest-rate increase have sharply increased.

The blue-chip average jumped 1.5 per cent to 21,115 on the day. The broader S&P 500 was up 1.4 per cent to 2,396, and the Nasdaq Composite advanced 1.5 per cent.

Wednesday’s biggest gainer on the Dow as JPMorgan Chase. The financials sector also led the way higher on the S&P 500.

A sharp a rise in Treasury yields sparked by hawkish Federal Reserve commentary was a boon to bank shares amid expectations they will be able to charge higher rates for loans while keeping a lid on their own borrowing costs.

Copyright The Financial Times Limited 2017. All rights reserved.

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