Closing Bell: Banks Lead Wall Street; Fed Signals June Hike

The Federal Reserve turned unexpectedly hawkish during its April meeting to Wall Street's shock. The minutes from the central bank's recent meeting suggested most members would be comfortable raising rates as soon as next month. The possibility of higher rates was a positive for banking stocks, boosting the financials sector to lead Wall Street. Major banks Citigroup (C) - Get Report , JPMorgan (JPM) - Get Report , Bank of America (BAC) - Get Report and Wells Fargo (WFC) - Get Report were in rally mode. Hormel Foods (HRL) - Get Report suffered its worst decline in eight years after quarterly profit margins in its refrigerated foods segment weakened. The division accounts for nearly half of sales. Southwest (LUV) - Get Report has approved a new $2 billion share repurchase authorization. TheStreet's Keris Lahiff reports from Wall Street.