Bank stocks favored over tech as tax bill makes headway

Bank of America (BAC.N) rose as much as 3.9 percent to hit a near-decade high of $29.2, while Boeing (BA.N) shares hit an all-time high at $281.83, gaining 3.9 percent. "Financials should benefit from not only tax reform but as we start to see rates move higher, their interest margins become more profitable," said Emily Roland, head of investment research at John Hancock Investments in Boston. "We're seeing some rotation away from technology stocks, which is likely due for a breather, into financial stocks and we expect to see that continue," Roland said.

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