NEW YORK — U.S. stocks made their biggest gain in a month Thursday as investors grew more optimistic that Britons will vote to stay in the European Union. Investors bought stocks and sold bonds, sending bond yields and banks higher.
On the last trading day before results from the British referendum, stocks continued to rise as investors grew more confident Britain won’t leave the union. Bank stocks did the best, while materials companies also rose. The price of oil topped $50 a barrel. Utility companies, which are generally seen as a safe investment, lagged the market as investors took a few more risks.
U.S. stocks have advanced about 2 percent this week. Before that, the market slumped as investors worried that a “leave” vote would disrupt the economies of Britain and Europe. Throughout this year, the market has bobbed up and down as investors traded on political and central bank news, like the British referendum and comments from the Federal Reserve.
J.J. Kinahan, chief strategist at TD Ameritrade, said that’s because the global economy is sluggish. Corporate profits and revenues have also been uninspiring.