U.S. stocks rallied on Thursday, led by bank shares, as Wall Street bet strongly that Britain is voting to remain part of the European Union. Bobbi Rebell reports.
Stocks marched higher ahead of the polls closing in the UK. The country is deciding whether to stay in the European Union. Kevin Mahn is president of Hennion & Walsh Asset Management: (SOUNDBITE) KEVIN MAHN, PRESIDENT, HENNION & WALSH ASSET MANAGEMENT, (ENGLISH) SAYING: "I think the market has already priced in that even though it is going to be a very thin victory, Britain is going to stay in the EU, and all that uncertainty surrounding if they leave, when they leave, will there be a domino impact, what will be the impact on the economic recovery will be behind us. " Macy's shares rose on news that CEO Terry Lundgren will transition to the role of executive chairman in 2017, and president Jeff Gennette, who has been with the department store chain for more than three decades, will move into the CEO slot. Jobless claims fell to near a 43-year low, and manufacturing activity rose to a three-month high in early June. U.S. new home sales fell six percent in May. But they had been at more than eight-year highs, and are still up close to nine percent from a year ago. In Europe, stocks closed higher as the Brexit voting was still taking place.