NEW YORK: The Dow and the S&P 500 rose on Wednesday, with investors piling into economy-linked financial and industrial stocks on bets that a Democrat-controlled Senate would lead to more fiscal stimulus and infrastructure spending.

Financials hit a 1-year high, while materials, industrial and energy sectors climbed over 1%.

Banks shares jumped about 5%, tracking a sharp rise in the benchmark 10-year US Treasury yield.

The tech-heavy Nasdaq slipped 0.7% as behemoths Apple Inc, Microsoft Corp, Amazon.com Inc, Google-parent Alphabet Inc and Facebook Inc dropped between 1.6% and 2%. Tesla Inc was the only major technology stock trading higher. At 10:06 a.m. ET, the Dow Jones Industrial Average rose 260.13 points, or 0.86%, to 30,651.73, the S&P 500 gained 9.67 points, or 0.26%, to 3,736.53 and the Nasdaq Composite lost 88.86 points, or 0.69%, to 12,730.10.

The small-cap Russell 2000 index jumped 2.8%, hovering near a record high.