Shares of banks and other financial institutions rose as the wave of gains in risky markets continued.

"Despite several issues of importance -- national riots, an upcoming presidential election, Chinese relations, an ongoing pandemic -- the stock market is primarily focused on a single thing: the restart of U.S. and global economic activities," said Jim Paulsen, chief investment strategist at money manager The Leuthold Group.

"There is a worldwide synchronized economic bounce afoot." Mr. Paulsen said the stock market looks set to maintain its gains even if the global economic recovery gets bumpy, because of relief that any kind of recovery materialized.

A top HSBC executive signed a petition supporting China's move to impose security legislation on Hong Kong, putting the bank squarely on the side of Beijing in the fight over the future of the territory.

The Federal Reserve said it would again broaden the number of local governments eligible for a new lending program as Illinois announced it would be the first borrower to access the facility. 



  Write to Rob Curran at rob.curran@dowjones.com