- theMReport.com - https://themreport.com -

Stocks Swell for Big Four as Construction Spending Rises

Shares swelled for the nation's four largest lenders Tuesday, with analysts crediting a rise in construction spending over March for a climb by the stock market to levels not seen in four years.


The Dow Jones Industrial Average cleared an important psychological hurdle by rising 65 points to 13,279, the highest in four years, according to several outlets.


Shares rose for ""Bank of America"":https://www.bankofamerica.com/ by 2.47 percent accordingly, hitting $8.31 per share. ""Wells Fargo"":https://www.wellsfargo.com/ followed behind by 2.02 percent to reach $34.09 per share.

""JPMorgan Chase"":http://www.jpmorganchase.com/corporate/Home/home.htm scaled to $43.79 per share on a 1.88 percent rise. ""Citigroup's"":http://www.citigroup.com/citi/ shares went up 1.68 percent to end the day at $33.60 per share.

Media outlets and analysts attributed the boon to a leap ahead in confidence for the Chinese and U.S. economies, with a slight rise in construction spending over March responsible for the latter.

The ""Commerce Department"":http://www.commerce.gov/ said Tuesday that construction spending ticked up to a seasonally adjusted annual rate of $808.1 billion, 1 percent more than revised estimates of $807.3 billion month-over-month and 6 percent above figures seen in March last year.

Construction spending arrived at $171.2 billion, 6.7 percent above numbers seen in 2011.

Private construction spending closed in on a seasonally adjusted annual rate of $531.9 billion, 0.7 percent above February estimates, with residential construction at $244.1 billion in March and public construction at $276.2 billion.