US stocks bounced off session highs on Wednesday after investors shrugged off a downgrade of Portugal's credit rating and an interest-rate hike in China. Transports ranked among the top advancers as the Dow Jones Transportation Average rose 1.4 percent to an all-time high.
The index was led by Con-Way Inc, whose shares gained 5.7 percent to $41.89 after the US trucking and logistics company said it was restoring some employee benefits because the economy had improved. Banks were among the worst performers on concerns about their exposure to eurozone debt and sluggish US growth.
The KBW Bank Index fell 0.8 percent, with J.P. Morgan Chase & Co off 1.2 percent to $40.52. The Dow Jones industrial average gained 55.13 points, or 0.44 percent, to 12,625.19. The Standard & Poor's 500 Index added 1.01 points, or 0.08 percent, to 1,338.89. The Nasdaq Composite Index rose 8.14 points, or 0.29 percent, to 2,833.91.