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Wall Street registered solid gains Monday on signs of firm US consumer spending and rising expectations that the Federal Reserve will raise interest rates as soon as late September. The broad-based S&P 500 added 0.5 percent at 2,180.38, while the tech-rich Nasdaq Composite rose 0.3 percent to 5,232.33. The markets opened higher and added to their gains during the session, helped by Commerce Department data showing consumer spending rose 0.3 percent in July while prices were flat.
NEW YORK (AP) — Banks led the stock market higher Monday as investors anticipate that the Federal Reserve could raise interest rates this year from their historically low levels. That could help banks recover from a long slump by making lending more profitable.