The U.S. stock market rallied in the second half of the day, with banking and financial stocks leading the way amid a deregulatory push by Washington. The S&P 500 rose 0.2%, the Dow surged 646 points, or 1.3%, while the Nasdaq closed down 0.3% after experiencing losses earlier in the day.

Treasury Secretary Scott Bessent’s push for deregulation played a role in the market’s late surge. A letter he posted on X offered insight into the future of the Financial Oversight Stability Council, established after the 2010 financial crisis. The market responded positively to the news, closing with gains in key indices.

Read more at Dow Jones & Company.: Dow, S&P 500 Hit Records as Financial Stocks Soar