Wall Street closes higher on banking gains

NEW YORK (AA) – Wall Street closed higher Thursday as shares jumped at major American investment banking institutions.

Bank of America rose 2.2 percent, while Goldman Sachs and Citigroup each increased 1.3 percent.

American banks are expected to receive higher interest from credit and loans, according to experts, after the Federal Reserve raised its benchmark interest rate Wednesday,

With the U.S. economy getting stronger, the Fed increased its interest rate by 0.25 percent -- its first rate hike since last December and only the second in a decade.

At the final bell, the Dow was up 59 points to 19,852 and the S&P 500 gained eight points to close at 2,262. The Nasdaq added 20 points to finish the day at 5,456.