What Happened in the Stock Market Today

Stocks rallied on Tuesday, shrugging off a missile launch by North Korea and embracing comments from the Fed Chair nominee and the prospects for a tax bill. The Dow Jones Industrial Average (DJINDICES: ^DJI) closed up over 200 points to a record. The S&P 500 (SNPINDEX: ^GSPC) also set a fresh record.

Data source: Yahoo! Finance.

Bank stocks led the market today after Fed Chair nominee Jerome Powell indicated during Senate testimony that the Fed will likely raise rates next month. The SPDR S&P Bank ETF (NYSEMKT: KBE) soared 3.2%. Retail stocks were also strong coming off the big shopping weekend, with the SPDR S&P Retail ETF (NYSEMKT: XRT) rising 3.1%.

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Source: Fool.com