Financials Gain as NY Community Bank Rallies — Financials Roundup
Shares of banks and other financial institutions rose as regional-bank fears eased and Federal Reserve Chairman Jerome Powell expressed confidence in the downward trajectory of inflation.
"The message from the Fed was: 'we think we're going to reach 2%,'" said Quincy Krosby, chief global strategist at brokerage LPL Financial. "That's the goal. Basically, we will again see disinflation edging lower, but if we don't...we will do what's necessary to achieve the 2% price stability goal," said Krosby.
Powell inspired confidence in the stock market by the frank way in which he "hued" to this message, said Krosby.
New York Community Bank shares leapt by more than 25% after the regional bank posted a first-quarter loss narrower than Wall Street analysts had predicted.
Shares of Block tumbled after reports that federal prosecutors were probing transactions involving the Square parent's Cash App and bitcoin operations.
Shares of Global Payments fell after the money-wiring firm warned a slowing economy could weigh on results even as it backed its 2024 growth outlook.
Mastercard shares fell after the credit-card processor lowered its revenue outlook for the full year, but not because it has a more cautious view of the spending landscape.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 01, 2024 17:43 ET (21:43 GMT)
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