(CNBC) — U.S. stocks closed higher Wednesday after the release of the GOP’s tax plan framework and as investors eyed higher interest rates.

The Dow Jones industrial average turned higher, up more than 70 points and led by a jump in bank stocks as investors eyed higher interest rates.

The Blue Chip index rose 0.35 percent, while the S&P 500 gained 0.58 percent in mid-afternoon trading.

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