US stocks rise; bank stocks gain

The benchmark S&P 500 index rose to within a hair of its record high on Thursday as bank stocks got a boost from bets on higher interest rates.

US data for October showed consumer prices recorded their biggest lift in six months in October.

Home Depot shares rise 2.9 per cent, making it the biggest driver for the consumer discretionary index and the second-biggest S&P boost.

Best Buy shares also helped with a 13.7 per cent jump after the No 1 US electronics retailer`s quarterly results beat expectations.

The S&P 500 .SPX gained 10.18 points, or 0.47 per cent, to end at 2,187.12, compared with its Aug. 15 record of 2190.15.

The Dow Jones industrial average finished up 35.68 points, or 0.19 per cent, at 18,903.82, and the Nasdaq Composite added 39.39 points, or 0.74 per cent, to reach 5,333.97.

Six of the 11 major S&P 500 sectors were higher. The S&P Financial index was the leading advancer with a 1.3 per cent gain, boosted by a 1.6 per cent increase in the banking sub-sector.

The Dow`s advance was held back by a 3.7 per cent fall in Wal-Mart after the world`s largest retailer reported lower-than-expected comparable quarterly sales.

Advancing issues outnumbered declining ones on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.60-to-1 ratio favored advancers.

The S&P 500 posted 35 new 52-week highs and 1 new low; the Nasdaq Composite recorded 262 new highs and 27 new lows.

About 7.4 billion shares changed hands on U.S. exchanges on Thursday, compared with the 7.9 billion average for the last 20 sessions, according to a news agency report.