Shares of banks and other lenders and money managers rose slightly alongside Treasury yields, which have crept up from record lows.
"The 10-year yield above 1% might not sound like a lot, but that is the highest it has been since the spring," said Ryan Detrick, chief market strategist at brokerage LPL Financial. "Financials have benefited the most from higher yields and this influential group could have further to go higher should yields stay firm."
Intercontinental Exchange, or ICE, plans to take its cryptocurrency venture Bakkt public by merging it with a special-purpose acquisition company, in an effort to ride the resurgent popularity of the math-based currency. But the latest bitcoin craze suffered a setback Monday as the price of bitcoin plummeted by as much as 20% to around $30,000, wiping out tens of billions of dollars worth of notional value. Michael Hartnett, a strategist at Bank of America Global Research, recently warned clients that bitcoin could be the "mother of all bubbles."
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(END) Dow Jones Newswires
January 11, 2021 17:48 ET (22:48 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.