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Financials Up Amid Signs of Global Market Stability — Financials Roundup

Shares of banks and other financial institutions rallied amid more signs of stability in global markets.

The yields on most Treasury bonds fell and stock indexes added to recent gains, with more subdued intraday swings, suggesting the panic that has characterized global markets for much of March is subsiding.

In one sign that investors remain somewhat on edge, however, the dollar rose in value against other currencies.

The CBOE volatility index, known as the stock market's "fear gauge," fell substantially but remained at levels associated with elevated volatility.

"I don't think we're out of the woods yet," said Rich Steinberg, chief market strategist at wealth-management firm The Colony Group.

"I think we're in for more volatility and people are going to be watching all kinds of data points we've never thought about -- in terms of the virus, in terms of how quickly money will get into the hands [of those who need it] from the stimulus, in terms of freeing up technical issues that are in commercial mortgage markets and other mortgage markets."

Private bank Bank of New York Mellon said it named Todd Gibbons as chief executive, removing the interim tag he has carried since last fall.

Write to Rob Curran at rob.curran@dowjones.com

 

(END) Dow Jones Newswires

March 30, 2020 17:08 ET (21:08 GMT)

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